State Bank of India has decided to sell 3.9 per cent stake in its subsidiary SBI Life Insurance Company Ltd (SBI Life) for ₹1,794 crore ($264 million).
A bank statement said 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 it.
This is the second major divestment in the insurance segment after the Centre raised the maximum permissible shareholding of foreign investors in insurance companies from 26 per cent to 49 per cent. ICICI Bank had also sold a small stake in its life insurance subsidiary last year.
