Thursday, October 19, 2017

SBI Life’s IPO plan gets final board approval

SBI Life Insurance, the insurance unit of State Bank of India (SBI), has received final board approval for its initial public offering plan.

SBI Life, the second largest private life insurer in India after ICICI Prudential, will become the second insurer to go public once it hits the markets.

In an exchange filing, SBI said its central board approved dilution of its stake in SBI Life through an IPO.

The Insurance Regulatory and Development Authority of India approved SBI Life’s Rs70 billion (US$1.1 billion), making it the largest share sale by a life insurer in the country.

The final step would be to secure the approval from the markets watchdog, the Securities and Exchange Board of India.

For its IPO, the firm plans to sell up to 80 million equity shares, although the price will be finalised later after the consultation with selling shareholders, including the parent SBI, and the foreign partner BNP Paribas Cardiff.

SBI Life has hired BNP Paribas, Citi, Kotak Investment Bank and Axis Capital to manage the initial share sale.

 

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