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SBI Life IPO: SBI to divest 80 million shares

What’s the news?

The executive committee of SBI has come to a decision of divesting their stake from SBI Life Insurance, a subsidiary, and offer the same on initial public offering (IPO). The consensus has been made to offer 80 million shares to the public for sale. The thought behind this is to raise at least ₹7,000 crores.

The Flashback

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% and 1.95% respectively.  

However, last week, SBI Life wrote to Insurance regulatory Development Authority of India (IRDAI) requesting their shares to be listed for public offering which now stands as approved by the latter.

Result?

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)


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