Mumbai: US private equity fund CA Emerald Investments, an affiliate of Carlyle Asia Partners, is looking to sell its entire 1.9 per cent stake in worth Rs 2,160 crore through the stock exchange platform on Thursday, according to a term sheet issued by the sole book-runner BofA Securities.

The sale price has been fixed at Rs 1,130 to Rs 1,136.85 apiece against Wednesday’s closing price of Rs 1136.85. As of June 30, CA Emerald Investments held a 1.90 per cent stake in the company.

Carlyle did not respond to ET’s mailed query. BofA Securities declined to comment.

The US-based buyout group had acquired a 9 per cent stake in SBI Life Insurance in March 2019 for about $652 million in one of its biggest investments in India. The private equity firm purchased the stake from BNP Paribas Cardif SA. Shares of SBI Life have surged 87 per cent since March 2019 compared with the Nifty’s return of 51 per cent.

Carlyle divested a 3 per cent stake in SBI Life Insurance in November 2019 for about Rs 2,800 crore and another 3.5 per cent in May this year for Rs 3,300 crore through an open-market transaction.

SBI Life was incorporated as a joint venture between

(SBI) and BNP Paribas. Last month, BNP sold a 5 per cent stake in SBI Life through the open-market process to reduce its ownership to 0.2 per cent.

Carlyle also has significant stakes in SBI Cards & Payments Services. Earlier in March, the private equity giant sold a 4 per cent stake in SBI Cards worth $514 million or Rs 3,728 crore with nearly 1,335 per cent returns in four years.


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