SBI board gives nod to stake divestment in insurance arm

State Bank of India (SBI), the country’s top lender, said on Wednesday its board approved a plan to divest 4 per cent 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 (USD 66.42 million) to Axis New Opportunities AIF-I and PI Opportunities Fund-I, it said in a statement.