State Bank of India selling stake in insurance JVAugust 13 2018 by InsuranceAsia News Staff
The State Bank of India (SBI) is reportedly starting the process of selling up to 4% of its stake in joint venture SBI General Insurance, which is planning an initial public offering.
The banks move follows the green light to explore and initiate the process of partial stake sale in the insurer to a non-promoter entity from its central board’s executive committee, according to SBI’s exchange filing.
The divestment method will be small parcel share sale, which does not involve shareholders incurring any cost. SBI holds a 74% stake in SBI General, while the rest of it is held by the joint venture partner Insurance Australia Group (IAG).
SBI’s stake in the joint venture will come down to 70% after the sale.
IAG has expressed interest in increasing its stake in the joint venture.
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Hong Kong billionaire Richard Li is reportedly weighing the possibility of listing away from home.
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The group is reportedly considering an offering in the Lion City as an alternative to listing in Hong Kong.
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The issue will involve a sale of shares by Punjab National Bank, MetLife and other institutional shareholders.
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Board chairman Richard Li is said to be laying the groundwork for a potential listing after five years of growth.