A proposed sale of a 4% stake in SBI General Insurance has attracted several global private equity investors, including Singapore’s Temasek Holdings, KKR & Co., and the Canada Pension Plan Investment Board (CPPIB).
“All the above funds have expressed initial interest and are expected to submit binding bids - but more bidders are expected to place bids,” a source was quoted as saying in a Deal Street Asia report.
According to the report, the stake sale is part of SBI General Insurance’s pre-offer valuation exercise ahead of its planned IPO in March 2019.
In 2016, SBI Life Insurance sold 3.9% to KKR and Temasek for around INR20 billion (US$279.5 million). This valued the company at INR450 billion (US$6.3 billion) prior to its IPO in September 2017.
