IAG International divests its entire 26% stake in SBI General

To entities of Premji Invest Group and Warburg Pincus Group

Mar 27, 2020 12:03 IST capital market

State Bank of India announced that with reference to SBI General Insurance Company, IAG International (IAG) has completed the transfer of its entire shareholding in SBI General (i.e. 26% stake holding) to Napean Opportunities LLP (an entity forming part of the Premji Invest Group) and Honey Wheat Investment (an entity forming part of the Warburg Pincus Group).

The Board of SBI General has approved the transfer of 34,501,550 fully paid-up equity shares of the company in dematerialized form having a face value of Rs 10 each for an aggregate consideration of the AUD equivalent to Rs 1924.19 crore by IAG International to Napean Opportunities LLP and transfer of 21,528,450 paid-up equity shares of the company in dematerialized form having a face value of Rs 10 each for an aggregate consideration of Rs 1203.79 crore (converted to USD) by IAG International to Honey Wheat Investment.

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