September 26, 2018 / 11:29 AM / in a month

State Bank of India's board gives nod to stake divestment in insurance arm

Sept 26 (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.

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 here. ($1 = 72.5675 Indian rupees) (Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)

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