SBI Life gets board approval and nod from IRDAI to go public.
SBI Life is the second insurer in the country which is going to go public after ICICIC Prudential. It has secured an approval for an IPO from its Board as well as the Insurance Regulatory and Development Authority( IRDA) of India. SBI wrote in a letter to the exchanges- BSE and NSE its plan to sell 80,000,000 share through an IPO.
The IRDAI has approved the share sell worth around Rs 7000 crore, largest by any life insurer in the country. The company has hired BNP Paribas, Citi, Kotak Investment Bank and Axis Capital for the IPO.
SBI Life is a joint venture between State Bank and BNP Paribas Cardiff. SBI holds 70.1 per cent and BNP Paribas Cardiff 26 per cent. Private equity firm KKR and Singapore-government owned investment company Temasek hold 1.95 per cent each in the life insurer.
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