BNP Cardif, the overseas shareholder in SBI Life Insurance coverage is trying to cut back its stake within the life insurance coverage enterprise to satisfy minimal public shareholding norms.
At the moment, the promoters — State Financial institution of India and France-based BNP Cardif collectively maintain 84.10 % stake within the enterprise. Of this, SBI holds 62.10 % whereas the steadiness 22 % is with BNP Cardif.
BNP might cut back its stake by 5-7 % stake within the close to time period.
For listed entities, the promoter stake needs to be capped at 75 % in order that public shareholding is maintained at 25 %. Newly-listed corporations get two years to adjust to the general public shareholding norm.
BNP Cardif has confirmed it’s contemplating a sale however is but to make any agency selections on the scale, timing or nature of the potential discount in its shareholding within the enterprise.
SBI Life Insurance coverage was listed on the inventory exchanges in October 2017.