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The executive committee of SBI has come to a decision of divesting their stake from SBI Life Insurance, a
Until March, the shares of SBI Life were held by different partners, namely - SBI, BNP Paribas Cardif, KKR and Co. Ltd. (KKR) and Temasek Holdings (A company funded by Singapore Government). The proportion of their shares was 70.1%, 26%, 1.95%
However, last week, SBI Life wrote to Insurance
Following the decision, SBI Life is set to become the second insurer to offer to sell the shares to the public after ICICI Prudential Life Insurance. Reportedly, SBI Life has hired Kotak Investment Bank, Citi, Axis Capital and BNP Paribas to help with managing the sales of their IPO. The IPO will be held as per the regulations and provisions in consultation with SEBI and IRDAI.
For further updates on SBI Life IPO, keep following our news thread.
(Source and Credits: Live Mint)