personal insurance -SBI Life Files Draft Prospectus For India’s Second Life Insurance IPO
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SBI Life Files Draft Prospectus For India’s Second Life Insurance IPO
SBI Life Insurance Company Ltd. on Monday filed draft papers with the market regulator for selling 12 crore shares through an initial public offering.
Existing promoter State Bank of India, the nation’s largest lender, will sell up to 8 percent stake, or 8 crore shares, in the unit as part of the IPO, while BNP Paribas Cardif will sell up to 4 percent stake, or 4 crore shares, according to a regulatory filing.
The filing did not mention the offer price or how much the IPO would raise.
The insurer has reserved 1.2 crore shares for purchase by SBI shareholders. Another 20 lakh shares have been reserved for purchase by eligible employees at a discounted price. The book running lead managers to the IPO are JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deustsche Equities India, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets.
SBI Life will be only the second life insurer to list since the government allowed foreign investors to increase stake in national insurers to 49 percent from 26 percent earlier. ICICI Prudential Life Insurance was the first to list in September 2016 after the norms were relaxed.
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