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State Bank of India to divest 3.9% stake in SBI Life Insurance

State Bank of India's board approved the divestment of 39 million equity shares in SBI Life Insurance Co. Ltd., or a 3.9% stake.

The lender said Dec. 9 that the shares will be divested at 460 rupees per share.

The divestment is subject to regulatory approval.

As of Dec. 9, US$1 was equivalent to 67.52 Indian rupees.