Big momma's baby to hit the scene: SBI Life Insurance listing coming soon
DSIJ Intelligence / 21 Dec 2016
SBI Life Insurance could list soon on the national bourses. According to certain media reports, SBI may finalise the deal in the next 12-18 months. State Bank of India earlier this year had announced that the bank's board had approved sale of 3.9 percent stake in SBI Life Insurance Company at a price of Rs 460 per share, subject to all regulatory approvals.
SBI Life Insurance could list soon on the national bourses. According to certain media reports, SBI may finalise the deal in the next 12-18 months. State Bank of India earlier this year had announced that the bank's board had approved sale of 3.9 percent stake in SBI Life Insurance Company at a price of Rs 460 per share, subject to all regulatory approvals.
SBI holds a total stake of 74 per cent in SBI Life Insurance. Upon completion of the transaction, SBI will hold 70.1 per cent stake in SBI Life while its joint venture partner, BNP Paribas Cardif will continue to hold 26 per cent.
The stock of SBI on December 21 closed at Rs 255.15, up by 0.24 per cent. Since demonetisation the stock has increased by one per cent. Meanwhile the markets on December 21 closed at 26242.38, down by 65.60 points. Nifty on the other hand closed at 8,061.30, down by 21.10 points.
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