SBI Life files prospectus for IPO

Oceane Deschanel
Julho 17, 2017

SBI Life Insurance, the subsidiary of country's largest lender State Bank of India, has filed draft red herring prospectus with capital market regulator SEBI for initial public offering, reports CNBC-TV18.

Last year, SBI Life had sold 3.9 percent stake to private equity firms Singapore's Tamasek Holdings and KKR & Co for Rs 1,800 crore, ahead of the planned IPO.

SBI will sell up to 8 crore shares or 8 percent stake in the insurance unit while BNP Paribas Cardit will sell up to 4 percent stake or 4 crore shares, according to prospectus.

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SBI Life Insurance is a joint venture between State Bank of India (SBI) with 74% stake and BNP Paribas Cardif with the remaining 26%. 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 would be the second direct listing of an insurance company. The insurer said that it turned profitable within the first five years of operations, and had declared dividends every year since fiscal 2012 (2011-12).

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