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BNP Paribas to sell part of stake in India's SBI Life

BNP Paribas SA is considering selling part of its stake in Indian insurance company SBI Life Insurance Co. Ltd. over the coming quarters as local regulation requires a larger free float, Reuters reported, confirming an earlier report by French newspaper Les Echos.

BNP Paribas said the Indian regulation requires a free float of 25%, whereas SBI's current free float on the Indian stock market is about 16%. As of June 30, the French bank holds a 22% stake in SBI Life Insurance, with State Bank of India controlling 62.1% of its shares.