SBI Life Insurance on Thursday said it had acquired 8.99 per cent stake in Paisalo Digital.
The transaction was for cash consideration of about ₹186.20 crore, it said in a regulatory filing.
It has purchased 38 lakh equity shares of the company at ₹489.99 apiece, it further said, adding that the purchase was done in the normal course of business.
“The purchase transaction was undertaken on December 24, 2020,” SBI Life Insurance said.
Paisalo Digital is a non-banking finance company NBFC providing loans to individuals, micro, small and medium enterprises, and to Joint Liability Group (MFI). It has 129 branches across the country.