SBI To Sell Up To 8 Crore Shares Of Life Insurance Arm Via IPO
The offer price will be decided by selling shareholders, SBI and BNP Paribas Cardif SA.
The board of State Bank of India approved a proposal to sell up to 8 crore shares in SBI Life Insurance's initial public offering.
The offer price will be decided by selling shareholders, SBI and BNP Paribas Cardif SA, the public sector lender said in a stock exchange filing on Monday.
SBI Life, the subsidiary of India's largest lender had earlier announced offloading 12 percent stake through the IPO. SBI will dilute 8 percent stake while BNP Paribas Cardif will sell 4 percent.
The life insurer is said to have picked Deutsche Bank and BNP Paribas as the lead managers to the issue, Bloomberg had reported.
SBI Life will be only the second life insurer to list since the government allowed foreign investors to increase stake in national insurers to 49 percent from 26 percent earlier. ICICI Prudential Life Insurance was the first to list in September 2016 after the norms were relaxed.