State Bank of India (SBI) on Wednesday decided to offload 4% of its stake in SBI General Insurance, its general insurance arm, for Rs 482 crore to an alternative investment fund promoted by Axis AMC and Premji Invest.
Post this transaction, SBI General Insurance will be valued at around Rs 12,000 crore.
The initial public offering (IPO) of SBI General Insurance is due in the coming financial year.
The stake has been sold to Axis New Opportunities AIF – I represented through its investment manager Axis AMC and PI Opportunities Fund – I, an AIF of Premji Invest at 1.65% and 2.35% stake respectively from SBI.