SBI Life hits new high
By
Ruma Dubey
about 3 years ago
SBI Life Insurance is very much in the limelight today, rising almost 7.5% to hit an intraday high at Rs.1040, a new 52-week high.
The stock price has gone up after CA Emerald Investment, the global arm of PE fund Carlyle, sold 3.5% stake in the company through block deals, which explains the 370x surg in volumes.
The floor price for the block deal was set at Rs 945 per share, much lower than yesterday’s close of Rs.969.60.
CA Emerald had bought a 9.2% in SBI Life in 2019 from BNP Paribas for Rs.5445 crore. It sold 3% stake in Nov’10 for Rs.2800 crore and now it sold 3.5% for Rs.3300 crore. This leaves 2.7% with CA Emerald, which is ‘free’ now.