SBI offloads 4% stake in general insurance arm for Rs 4.81 billion Noor Arora
State Bank of India (SBI) has sold a 4 per cent stake in SBI General Insurance to Axis Asset Management Company (AMC) and Premji Invest for Rs 4.81 billion. The stake sale is part of a pre-offer valuation exercise by SBI General Insurance ahead of its initial public initial public offering (IPO) in March 2019. SBI General Insurance is a joint venture between the SBI and Insurance Australia Group (IAG). SBI's stake in the venture has come down to 70 per cent, while IAG continues to hold a 26 per cent stake. The transaction placed a value of Rs 120 billion on SBI General Insurance. Axis New Opportunities AIF – I represented Axis AMC will purchase 1.65 per cent from SBI while PI Opportunities Fund – I, and an investment fund of Premji Invest will purchase a 2.35 per cent stake.
ARTICLE SOURCE: BS