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SBI sells part of its stake in SBI General Insurance

SBI sellsState Bank of India is selling 4% of its stake in SBI General Insurance Co. The stake is being offered to Axis New Opportunities AIF-1 and P1 Opportunities Fund-1. The sale will fetch Rs 4.82 billion for the bank. Some 8.62 million shares will change hands. Axis New Opportunities AIF Fund, managed by Axis Bank will buy 1.65% and PI Opportunities Fund – I, managed by Premji Invest, will buy 2.35% stake from the bank. SBI said the proposed transaction values SBI General Insurance at over Rs 120 billion. After the transaction, SBI will hold a 70% stake in SBI GI while its joint venture partner, IAG International will continue to hold 26%.

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