International private equity investment firm Carlyle Group has divested its holdings of 1.9% in SBI Life Insurance Company.

The shares were sold by Carlyle subsidiary CA Emerald Investments through open market transactions, for a total value of INR21.47 billion (SG$390 million).

CA Emerald first acquired a 9% stake in SBI Life Insurance from BNP Paribas Cardif in 2019, and gradually pared down its stake, until this latest transaction signified its full exit from the insurer.

Several mutual funds also snapped up shares, namely Kotak Mahindra Mutual Fund, Pioneer Investment Fund, Nippon Indian Mutual Fund, Franklin Templeton Mutual Fund, SBI Mutual Fund and ICICI Prudential Mutual Fund.

SBI Life Insurance is a joint venture between State Bank of India, the largest state-owned banking group in India, and France-based BNP Paribas Cardif.

Read more/Source: Insurance Business Asia