Shares of SBI Life Insurance Company rallied 3 percent and hit a record high of Rs 1,174, on the BSE in intra-day trade on Thursday after US private equity fund CA Emerald Investments, an affiliate of Carlyle Asia Partners, offloaded its entire 1.9 percent stake in the company via multiple block deals. The stock of the life insurer surpassed its previous high of Rs 1,147.95 touched on July 29, 2021. The price range for the share sale has been set at Rs 1,130-Rs 1,136.85, according to the data available. The upper end is SBI Life’s closing price on the BSE on Wednesday. At the lower end, Carlyle will be able to raise Rs 2,147 crore. BofA Securities India is the investment bank handling the share sale. The stock witnessed a surge in volumes and was trading with volumes of 19,157,312 shares, compared to its five-day average of 55,029 shares, an increase of 34,713.37 percent.
Read more