Earlier, we reported about SBI’s executive committee reaching a consensus of divesting its stake from SBI Life Insurance and offering 80 million shares for an Initial Public Offering (IPO). The latest reports state that furthering its plan, yesterday i.e. on 17th of July 2017, SBI Life has filed with Securities and Exchange Board of India (SEBI) its draft red herring prospectus for an IPO.
The company is expected to raise 80 million shares to yield over ₹1 billion from its IPO. To manage the event, SBI Life has reportedly hired several companies including SBI Capital Markets Ltd, Kotak Investment Bank, and BNP Paribas. With its latest decision, SBI Life is set to become the second (ICICI Prudential being the first one) private insurer in India that has offered its shares to the public.
SBI Life is a joint venture between State Bank of India and BNP Paribas that was founded in 2001. Today, the duo holds 74% and 26% of the stake respectively. While its
While SBI Life has geared up to
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(Source and Credits: Live Mint)