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.