New Delhi, Dec 24 (PTI) SBI Life Insurance Company on Thursday said it has acquired nearly 9 per cent stake in non-banking finance company Paisalo Digital for about Rs 186.20 crore through the open market.

SBI Life has acquired a total of 38,00,000 equity shares equivalent to 8.99 per cent at Rs 489.99 per share for a cash consideration as an ordinary course of business on the stock exchange on December 24, it said in a regulatory filing.

It is not a related party transaction, the insurer added.

Paisalo Digital has a market capitalisation of Rs 2,204.69 crore as on December 24, 2020.

The company's turnover as of March 31, 2020, was Rs 337.45 crore.

The promoters hold 46.07 per cent stake in the company, foreign portfolio investors 23.91 per cent, LIC 3.53 per cent and others 26.49 per cent.

Incorporated on March 5, 1992, Paisalo Digital provides loans to individuals, SME and MSMEs and to Joint Liability Group (microfinance) through 129 branches across the country.

The company's profit after tax in FY20 stood at Rs 54 crore and a loan book of Rs 1,725 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)