US-based private equity giant the Carlyle Group will team up with Singapore's sovereign wealth fund GIC to pick up a 10 per cent stake in SBI Life Insurance Company Ltd from insurer BNP Paribas Cardif, according to a media report. BNP Paribas Cardif is selling the stake to meet regulatory norms for a public float. Media reports indicate that a consortium of Carlyle and GIC will buy shares at Rs 510-520 apiece. The total deal size is $725-740 million (Rs 5,100-5,200 crore). The investment proposal is awaiting approval from the Insurance Regulatory and Development Authority (IRDA), the report said. BNP Paribas, Kotak Mahindra Capital and Citigroup have been asked to manage the share sale. BNP Paribas Cardif is the life, property and casualty insurance subsidiary of French bank BNP Paribas. It holds a 22 per cent stake in SBI Life. State Bank of India holds a 62.1 per cent stake in SBI Life. The insurer made its stock market debut in October 2017.