SBI Life seeks capital markets regulator's nod for IPO

Modesto Morganelli
Luglio 17, 2017

SBI Life Insurance Company, the life insurance subsidiary of State Bank of India (SBI), has filed a 'Draft Red Herring Prospectus (DRHP)' with the Securities and Exchange Board of India (SEBI) for an initial public offer (IPO) of up to 12 crore shares.

The insurance company will sell up to 12 crore equity shares through public issue.

SBI will sell up to 8% or 80 million shares of its 70% stake in SBI Life, while BNP Paribas Cardiff will sell up to 4% or 40 million shares of its 26% stake in the unit. The offer includes a reservation of up to 20 lakh shares (constituting up to 0.2% of the post-offer paid-up share capital) for purchase by eligible employees at a discount on the offer price.

SBI Life Insurance, could become the second life insurer to get listed on stock exchanges after ICICI Prudential Life. "Depending on the market conditions, SBI Life Insurance will consider an IPO in 2017-18", Arijit Basu, MD and CEO of SBI Life, had said.

"SBI Life is being valued at Rs 46,000 crore making it the most valuable company in the segment".

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