IPO Alert: SBI Life Insurance files draft for IPO

Evrard Martin
Juillet 17, 2017

SBI Life Insurance, the subsidiary of country's largest lender State Bank of India, has filed draft red herring prospectus with capital market regulator SEBI for initial public offering, reports CNBC-TV18.

SBI will sell up to 8% or 80 million shares of its 70% stake in SBI Life, while BNP Paribas Cardiff will sell up to 4% or 40 million shares of its 26% stake in the unit.

SBI, the nation's top bank by assets, is selling up to 8 percent stake, or 80 million shares, in the unit as part of the IPO, while BNP Paribas Cardif is selling up to 4 percent stake, or 40 million shares, according to a regulatory filing.

SBI Life would be the second direct listing of an insurance company.

Last week, ICICI Lombard General Insurance filed DRHP with SEBI for an IPO. "Depending on the market conditions, SBI Life Insurance will consider an IPO in 2017-18", Arijit Basu, MD and CEO of SBI Life, had said. The insurer said that it turned profitable within the first five years of operations, and had declared dividends every year since fiscal 2012 (2011-12).

"SBI Life is being valued at Rs 46,000 crore making it the most valuable company in the segment".

D'autres rapports CampDesrEcrues

Discuter de cet article