PARIS, Oct 8 (Reuters) - France’s largest listed bank BNP Paribas said on Monday that it plans to sell part of its stake in Indian insurance company SBI Life over the coming quarters as local regulation requires a larger free-float.
“No decision has been made over the size, the time frame or nature of such a stake reduction,” said a BNP Paribas spokeswoman, confirming an earlier report by French newspaper Les Echos.
The Indian regulation requires the insurer to raise its free float to 25 percent, the French bank said. The stake of SBI Life’s free-float on the Indian stock market is currently about 16 percent. (Reporting by Inti Landauro and Matthieu Protard; Editing by Sudip Kar-Gupta)