BNP Paribas said it plans to sell part of its 22% stake in SBI Life over the coming quarters. This is in view of RBI’s stipulation that SBI Life should have a larger free-float. A BNP Paribas spokesperson, however, said no decision has been made over the size, the time frame or nature of such a stake reduction. BNP Paribas owns its stake in SBI Life through its insurer BNP Paribas Cardif. The spokesperson said the banking entity will remain committed to and will keep supporting SBI Life. Indian insurance companies are required to raise their free float to 25%. The stake of SBI Life’s free-float on the Indian stock market is currently about 16%. BNP Paribas is the second largest shareholder in SBI Life after State Bank of India, which owns 62.1% in the insurer.
