US-based private equity firm Carlyle Group and Singapore sovereign wealth fund GIC are set to acquire 10 percent in SBI Life Insurance from BNP Paribas Cardif, The Economic Times reported.
France-based insurance firm BNP Paribas has been looking to cut its stake in SBI Life in order to meet the regulatory norms for opening to the public, the report said.
Carlyle and GIC will buy the shares at Rs 510-520 apiece, that is around a 9.2 percent discount to SBI Life Insurance's closing of Rs 572.55 in the previous session, the report said citing two people aware of the development.
The total size of the deal stands at around Rs 5,100 crore, the report said.
BNP Paribas and Carlyle declined to comment to the ET while queries emailed to GIC remained unanswered till the time of publishing the story.
Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know.