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State Bank of India pares stake in life insurance subsidiary

State Bank of India sold a 4.5% stake in SBI Life Insurance Co. Ltd. to achieve a minimum public shareholding of 25% in the insurance subsidiary.

The state-owned bank sold 45 million shares of SBI Life on the country's stock exchanges on Sept. 12 and Sept. 13, according to a Sept. 16 release.

The share sale reduced the bank's ownership stake in its life insurance subsidiary to 57.60% from 62.10%.

The bank did not disclose how much it raised from the stake sale. It previously said the floor price for the share sale was set at 770 rupees per share.

As of Sept. 16, US$1 was equivalent to 71.55 Indian rupees.