SBI Life Insurance Company said it has acquired nearly 9 per cent stake in non-banking finance company Paisalo Digital for about Rs 186.20 crore through the open market.
SBI Life has acquired a total of 38,00,000 equity shares equivalent to 8.99 per cent at Rs 489.99 per share for a cash consideration as an ordinary course of business on the stock exchange on December 24, it said in a regulatory filing.
It is not a related party transaction, the insurer added.
Paisalo Digital has a market capitalisation of Rs 2,204.69 crore as on December 24, 2020.
The company’s turnover as of March 31, 2020, was Rs 337.45 crore.
The promoters hold 46.07 per cent stake in the company, foreign portfolio investors 23.91 per cent, LIC 3.53 per cent and others 26.49 per cent.
Incorporated on March 5, 1992, Paisalo Digital provides loans to individuals, SME and MSMEs and to Joint Liability Group (microfinance) through 129 branches across the country.
SBI Life Insurance, one of the most trusted life insurance companies in India, was incorporated in October 2000 and was registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.
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