SBI Life Insurance share jumps 7% after Carlyle offloads stake via block deal

SBI Life  Insurance share rose over 7% today after an arm of PE  firm Carlyle sold stake 3.5% stake in the insurer for about Rs 3,330 crore on Friday. CA Emerald Investment offloaded its 3.5 per cent stake in the company through block deal.

The floor price for the block deal was set at Rs 945 per share, compared to SBI Life's Thursday closing on at Rs 969, a discount of 2.5 per cent.

In March 2019, Carlyle had purchased 9.2 per cent stake in SBI Life from its French co-promoter BNP Paribas for Rs 5,445 crore.

Reacting to the block deals, SBI Life Insurance share touched an intraday high of Rs 1040 , rising 7.29% against previous close on BSE.

SBI Life Insurance share  is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained after 2 days of consecutive fall. Earlier, the stock opened with a gain of 5.85% at Rs 1026 against previous close of Rs 969 on BSE.

The share has gained 35.76% in one year and risen 10.4% since the beginning of this year. At 2:03 pm, the stock was trading 2.96% higher at Rs 997.65 against previous close of Rs 969.60 on BSE. Later the share ended 3.22% higher at Rs 1,000 on BSE.

SBI Life share hits 52-week high on 24% growth in new business premium