SBI Life IPO gets SBI central board nod
DSIJ Intelligence / 11 Jul 2017
The State Bank of India, India’s largest lender announced on July 10,2017 that its board panel has approved the divestment of its stake in its subsidiary, SBI Life Insurance via Initial Public Offer(IPO). The central board of SBI has decided to sell up to 8 crore equity shares.
The State Bank of India, India’s largest lender announced on July 10,2017 that its board panel has approved the divestment of its stake in its subsidiary, SBI Life Insurance via Initial Public Offer(IPO). The central board of SBI has decided to sell up to 8 crore equity shares. Yet the price has not been decided.
On July 7, 2017, the Insurance Regulatory and Development Authority of India (IRDAI), an insurance regulator has approved the IPO application of Rs 7,000 crore of the SBI Life insurance.
After ICICI Prudential Life Insurance Co. Limited, SBI Life Insurance will be second insurer who is going to sell shares to the public. SBI Life has picked BNP Paribas, Citi, Kotak Investment Bank and Axis Capital to manage the initial share sale.
In SBI Life Insurance,State bank of India and BNP Paribas Cardiff holds 70.1 per cent and 26 per cent of stake respectively. While, KKR and Temasek (Singapore-government owned investment company) hold 1.95 per cent stake each in the SBI Life.
Earlier, SBI Life has announced about the offloading of 12 per cent stake via an IPO in which SBI and BNP Paribas will divest 8 per cent and 4 per cent of stake respectively.
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