SBI Life Insurance set for an IPO
DSIJ Intelligence / 03 Apr 2017
State Bank of India’s life insurance arm has started the process of launching an initial public offering (IPO). The bank is trying to divest about 10 per cent through an IPO.
State Bank of India’s life insurance arm has started the process of launching an initial public offering (IPO). The bank is trying to divest about 10 per cent through an IPO. Meanwhile, it has not got the approval from the market regulator as yet.
SBI Life Insurance is a joint venture between the bank and BNP Paribas Cardif. SBI owns 74 per cent of the total capital and BNP the rest.
At the end of September, SBI Life Insurance will be getting all regulatory approvals and clearances.
SBI Life Insurance's IPO comes after top private sector life insurer ICICI Prudential Life Insurance Company raised Rs 6057 crore through an IPO in September 2016.
HDFC Standard Life Insurance, another bigger private sector life insurer, aims to get listed via its acquisition of smaller rival Max Life Insurance. The company’s IPO is also still awaiting regulatory approvals.
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