KKR Sells Partial Stake in SBI Life Insurance for USD60 Million
Posted On: 30 Aug 2019 | Source(s): VCCircle, Bombay Stock Exchange | Date: 30 August 2019 | Author(s): Ankit Doshi
Global alternative investment manager KKR has completed a partial exit of Bombay Stock Exchange-listed life insurance company SBI Life, selling 5.3 million shares representing a 0.5 percent stake for INR811 (USD11) per share and returning INR4.3 billion (USD60 million). KKR and Singaporean sovereign wealth fund Temasek Holdings originally acquired a 1.95 percent stake in SBI Life in 2016 and sold a 0.65 percent stake in the company in July 2019. After this transaction, KKR retains a 0.8 percent stake in the company.