State Bank of India is planning to sell around 3.9% of its stake in SBI Life Insurance Co. The executive committee of the bank’s board has approved the sale and it is now seeking permission from the regulators. The sale may bring in around Rs 1794 crore to the bank. An investment vehicle affiliated with KKR-managed funds and an affiliate of Temasek, the Singapore based investment company, will each purchase 1.95 crore shares from SBI. The proposed transaction values SBI Life at Rs 46,000 crore. Upon completion of the transaction, SBI will hold 70.1% stake in SBI Life while its joint venture partner, BNP Paribas Cardif, will continue to hold 26.0%.
