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SBI Life Insurance may launch IPO in this month; aims to raise Rs 8000 crore
The company is expecting approval from Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority of India (IRDAI) in this week.
State Bank of India is likely to launch initial public offer (IPO) of SBI Life Insurance company by third week of this month, a media report said.
The insurance arm of SBI is aiming to raise around Rs 8,000 crore. The company is expecting approval from Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority of India (IRDAI) in this week, sources said to ET Now.
Thee insurance firms have already filed draft papers for IPOs that together are estimated to be worth nearly Rs 20,000 crore.
In May, SBI Board had approved the IPO. In a stock exchanges filing, SBI had said, “The Executive Committee of Central Board (ECCB) in its meeting held on May 11, has accorded in-principal approval for partial modification of earlier approval for exploring possibility of diluting stake of SBI in SBI Life through IPO.”
SBI further said that it will initiate process for offer for sale of up to 12% of equity shares via this IPO.
SBI will now dilute up to 8% stake in SBI Life, while another 4% stake will be sold by BNP Paribas Cardif - totalling OFS up to 12% in this IPO. SBI own a majority stake of 70.1% in SBI Life while Cardiff holds 26% stake.
Remaining 3.9% stake of SBI Life was sold by the parent in December 2016, to Singapore state investment firm Temasek Holdings. The deal was valued at Rs 46,000 crore.
In the month of November 2016, Arundhati Bhattacharya, chairperson of SBI said, "The bank plans to bring its insurance arm SBI Life insurance for initial public offering (IPO) within 18-24 months."
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