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SBI to divest 2.1% in SBI Life Insurance

The country’s largest lender State Bank of India on Thursday informed exchanges that the executive committee of its Central Board of Directors have approved the divestment of more than 2 crore equity shares or 2.1 per cent of stake in SBI Life Insurance through offer for sale (OFS) route to achieve Minimum Public shareholding of 25 per cent.

As on March 31, SBI held 57.50 per cent in SBI Life Insurance. 

SBI Life Insurance company is a joint venture between State Bank of India and BNP Paribas Cardif and is one of the leading life insurance companies in India.

The insurer posted a 16 per cent growth in year-on-year (YoY) net profit to Rs.530 crore during March quarter of FY20. 

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