SBI General Insurance joint venture partner IAG Group will increase its stake in the company from 26 percent to 49 percent, SBI MD VG Kannan told CNBC-TV18.
SBI General Insurance joint venture partner IAG Group will increase its stake in the company from 26 percent to 49 percent, SBI MD VG Kannan told CNBC-TV18.
The move comes close on the heels of the Parliament approving legislation that allows foreign investors to hold a little under majority stake in Indian insurance companies.
Kanan, however, did not divulge details about valuations of the deal, adding its contours were still being worked out.
IAG had picked up 26 percent stake in SBI General Insurance for Rs 542 crore.
Analysts expect foreign inflows of about Rs 80,000-90,000 crore in the next three years to come into the Indian insurance sector as a result of the government's decision to allow higher FDI but say most deals will likely be in the life insurance space.
SBI stock price
On March 26, 2015, at 09:24 hrs State Bank of India was quoting at Rs 264.80, down Rs 0.55, or 0.21 percent. The 52-week high of the share was Rs 335.90 and the 52-week low was Rs 174.27.
The company's trailing 12-month (TTM) EPS was at Rs 16.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 15.94. The latest book value of the company is Rs 158.43 per share. At current value, the price-to-book value of the company is 1.67.
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