BNP Paribas Cardif, the foreign partner of SBI Life Insurance, will sell up to 25 million shares, representing 2.5 per cent stake in the insurance company, for at least Rs 1,625 crore through OFS mechanism. The two-day OFS today opened for non-retail investors and on Wednesday for retail investors.

As on March 31, 2019, BNP Paribas held 77 million shares, representing 7.7 per cent stake, in the insurance company. The State Bank of India (SBI) holds 62.10 per cent stake in the company.

BNP Paribas Cardif has been gradually off-loading its stake in the company. While, at the time of listing on October 3, 2017, BNP Paribas Cardif held 22 per cent holding in SBI Life. It sold 50.7 million shares to Canada Pension Plan Investment Board for Rs 2,932 crore on March 29.

Earlier in the same month, Carlyle Group had acquired nine per cent stake or 90 million shares in the life insurer from BNP Paribas Cardif at a price of Rs 515 per share.

On Monday, the stock hit a 52-week high of Rs 714 on the BSE in intra-day trade in otherwise subdued market. Since March 29, it has outperformed the market by surging 23 per cent, as compared to a 1.2 per cent rise in the S&P BSE Sensex.

At 09:30 am, SBI Life was trading 4 per cent lower at Rs 682 on the BSE, against a 0.30 per cent decline in the benchmark index. A combined 308,379 shares had changed hands on the counter on the BSE and NSE so far.