September 26, 2018 / 11:44 AM / 25 days ago

SBI's board gives nod to stake divestment in insurance arm

(Reuters) - State Bank of India (SBI), the country’s top lender, said on Wednesday its board approved a plan to divest 4 percent stake in its general insurance arm to funds managed by Axis Bank Ltd and Premji Invest.

A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, February 9, 2018. REUTERS/Rupak De Chowdhuri/Files

SBI will divest 8.6 million shares in SBI General Insurance Company Ltd for 4.82 billion rupees ($66.42 million) to Axis New Opportunities AIF-I and PI Opportunities Fund-I, it said in a statement. reut.rs/2OaER7A

($1 = 72.5675 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu

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