Receive up-to-the-minute news updates on the hottest topics with NewsHub. Install now.

BNP Cardif to cut stake in SBI Life Insurance

24 September, 2018 3:28 PM
104 0
BNP Cardif to cut stake in SBI Life Insurance

The foreign partner is looking to reduce its stake to meet the minimum public shareholding norm of 25 percent in listed entities

BNP Cardif, the foreign shareholder in SBI Life Insurance is looking to reduce its stake in the life insurance venture to meet minimum public shareholding norms.

Currently, the promoters -- State Bank of India and France-based BNP Cardif together hold 84.10 percent stake in the venture. Of this, SBI holds 62.10 percent while the balance 22 percent is with BNP Cardif.

For listed entities, the promoter stake has to be capped at 75 percent so that public shareholding is maintained at 25 percent. Newly-listed companies get two years to comply with the public shareholding norm.

BNP Cardif has confirmed it is considering a sale but is yet to make any firm decisions on the size, timing or nature of the potential reduction in its shareholding in the venture.

Source: moneycontrol.com

Share in social networks:

Comments - 0