U.S.-based venture capital firm Carlyle Group has acquired a 9 percent stake in Indian insurer SBI Life Insurance Ltd. from French lender BNP Paribas.
Under the deal, Carlyle Group paid about $653 million for the stake in SBI Life, a joint venture (JV) between State Bank of India (SBI) and BNP Paribas Cardif, a unit of lender BNP.
SBI Life sold 9.2 million equity shares cumulatively representing 9.2 percent of the total issued and paid-up equity share capital.
As part of the deal, BNP will hold 12.8 percent stake in SBI Life and SBI will remain a majority shareholder with 62.1 percent stake.