The offer for sale issue will be opened for non-retail investors only on June 12, while on June 15, retail as well as non-retail investors can participate in the issue.
State Bank of India will sell 2.1 percent equity stake in its life insurance business -- SBI Life Insurance Company -- through an offer for sale in the next two trading sessions.
The country's largest lender held 57.6 percent equity stake in the company, while promoter BNP Paribas Cardif held 5.20 percent stake as of March.
"SBI proposes to sell up to 2.1 crore equity shares (representing 2.1 percent of the total issued and paid-up equity share capital of SBI Life) on June 12 and June 15," the private life insurance company said in a BSE filing.
The offer for sale issue will be opened for non-retail investors on June 12, while on June 15, retail as well as non-retail investors can participate in the issue.
The stake sale will be conducted during the market hours and through the separate designated window of BSE and National Stock Exchange of India.
"The floor price for the sale will be Rs 725 per equity share," SBI Life said.
The share price of SBI Life closed at Rs 741.45, down 0.20 percent, on the BSE on June 11. In the last one year, it gained 5.8 percent, but lost 23 percent year-to-date largely due to the lockdown.
SBI Life is a joint venture between State Bank of India and BNP Paribas Cardif (BNPPC), the insurance holding company of France.
