SBI Life Insurance Company tumbled 3.36% to Rs 1,178.95, amid block deal buzz.
On the BSE, 2.36 crore shares of the company were traded in the counter so far as against an average trading volume of 1.52 lakh shares in the past one month.On the NSE, 37.36 lakh shares of SBI Life changed hand in the counter so far compared with an average trading volume of 15.76 lakh shares traded in the past one month.
According to media reports, Canada Pension Plan Investment Board (CPPIB) is set to sell nearly 2.3 crore shares of the insurance company equalling 2.3% equity, for around Rs 2,800 crore in a block deal.
CPPIB reportedly mandated BNP Paribas to execute the transaction through block deals on Thursday.
CPPIB held 2.85 crore shares (equivalent to 2.86% stake) of the company as on 30 June 2021.
SBI Life Insurance Company is one of the leading life Insurance companies in India. The company has distribution network of 225,381 trained insurance professionals consisting of agents, CIFs and SPs along with 947 offices across country.
The life insurance company reported 43% fall in net profit to Rs 223.16 crore in Q1 FY22 from Rs 390.89 crore registered in Q1 FY21. Net premium income increased 9.55% to Rs 8312.55 crore in Q1 FY22 over Q1 FY21.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
