SBI Life Insurance IPO to open on Sep 20

Press Trust of India  |  New Delhi 

Life Insurance, a subsidiary of the country's largest lender SBI, will hit the capital market on September 20 to raise up to Rs 8,400 crore.

The initial share sale offer will open on September 20 and close on September 22, said in a regulatory filing to the stock exchanges.


This would be the second listing of a life insurer after Prudential Life Insurance, which went public last year.

According to sources, Life has fixed a price range of Rs 685-700 for the IPO.

At the upper end of the price band, the company is expected to raise Rs 8,400 crore.

Life's public issue involves its promoters offloading up to 12 crore of face value of Rs 10 each through the offer of sale route, as per the draft offer documents.

of (SBI) will dilute up to 8 crore while Cardif SA will offload up to 4 crore.

Life is a joint venture between India's largest lender and Cardif (BNPPC) -- the holding company of France.

holds 70.10 per cent in Life and BNPPC 26 per cent. Minority shareholders Value Life Pte, an affiliate of KKR Asian Fund and MacRitchie Investments Pte, a wholly-owned subsidiary of Temasek Holdings, hold 1.95 per cent each.

Explaining the rationale behind the IPO, Life had said the company wants to achieve the benefits of listing equity on the stock exchanges.

"The listing of equity will enhance the 'Life' brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for equity in India," the company had said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 12 2017. 20:07 IST