SBI Life Insurance gets Sebi approval for Rs 8,400-crore IPO

The launch period is subject to approval from the Registrar of Companies, according to a person with knowledge of the matter.

By Reuters  
Friday, September 8, 2017

SBI Life Insurance has received approval from the Securities and Exchange Board of India for an IPO of up to Rs 8,400 crore ($1.3 billion), with launch targeted for the September 20-22 period.

The launch period is subject to approval from the Registrar of Companies, according to a person with knowledge of the matter.

The IPO will involve 120 million secondary shares, or 12 percent of the insurer's equity capital. State Bank of India, which currently owns 70.1 percent of the insurer, will sell 80 million shares and BNP Paribas Cardif, holder of a 26 per cent stake, will sell 40 million.

The other major shareholders of SBI Life are KKR Asian Fund and Temasek Holdings, which own 1.95 per cent through their subsidiaries. Axis, BNP, Citigroup, Deutsche Bank, ICICI Securities, JM Financial, Kotak and SBI Capital are leads on the IPO.

Related Stories

Government targets IRCTC, IRFC IPOs by September, plans to raise Rs 1,500 crore
Government targets IRCTC, IRFC IPOs by September, plans to raise Rs 1,500 crore
Ferns N Petals IPO to come in 2020, proceeds to fund expansion plans
Ferns N Petals IPO to come in 2020, proceeds to fund expansion plans
Metropolis Healthcare's Rs 1200-crore IPO subscribes over 9% on Day 1
Metropolis Healthcare's Rs 1200-crore IPO subscribes over 9% on Day 1

Latest Stories

Lok Sabha Election 2019 LIVE updates: 'Didi gifts me kurtas every year,' says PM Modi to Akshay Kumar
Lok Sabha Election 2019 LIVE updates: 'Didi gifts me kurtas every year,' says PM Modi to Akshay Kumar
US, Singapore, Taiwan seek to join consultations under WTO rules over India's tariffs on ICT goods
US, Singapore, Taiwan seek to join consultations under WTO rules over India's tariffs on ICT goods
Redmi Y3, Redmi 7 to launch at 12pm today: How to livestream event, price in India, specs
Redmi Y3, Redmi 7 to launch at 12pm today: How to livestream event, price in India, specs
SPONSORED