KKR, Temasek, CPPIB’s eyes at SBI General Insurance 4% stake sell
SBI General Insurance Co. is all set to put its 4% stake on sell and this has drawn interest from three major global private equity investors – KKR, Singapore’s Temasek Holdings Pvt. Ltd., and Canada Pension Plan Investment Board (CPPIB). Reportedly, a source said that all the above firms have expressed their initial interest towards the sale and are expected to submit the binding bids but more bidders are expected to place bids. State Bank of India is expecting bids for its 4% stake worth Rs.400 to Rs.600 crores, though, the exact value of the stakes may vary. SBI had said in a stock exchange filing last month that it had received approval to initiate a process to put 4% stake on sell. SBI General began its operations in 2010 in a joint venture between State Bank of India (74%) and Insurance Australia Group (26%). In December 2016, Insurance Australia Group (IAG) had exercised an option to raise its share holdings to 49% in the next two years. Its gross written premium grew 36% to Rs 3,553 crore in fiscal year 2017-18.