SBI Life Insurance gets SEBI nod for Rs 8,400 crore IPO

India Infoline News Service | Mumbai | September 07, 2017 16:34 IST

India’s stock market regulator, Securities Exchange Board of India (SEBI) gave its nod to the insurance major SBI Life Insurance to launch its IPO of up to Rs 8,400 crore. The company is expected to make its stock market debut by September 20-22 of the current year.

India’s stock market regulator, Securities Exchange Board of India (SEBI) gave its nod to the insurance major SBI Life Insurance to launch its IPO of up to Rs 8,400 crore. The company is expected to make its stock market debut by September 20-22 of the current year.
 
The launch period of the IPO is further subjected to an approval from the Registrar of Companies, who will give a final nod to the proposal. The IPO will also include 12% of the insurer’s equity capital summing up to 120 million secondary shares.
 
The State Bank of India presently holds 70.1% of the insurer and will sell off 8 crore shares, whereas, BNP Paribas Cardif which presently holds 26% stake will sell off 4 crore shares.
 
The other major shareholders of SBI Life are KKR Asian Fund and Temasek Holdings, that holds 1.95% stake through their subsidiaries. Axis, BNP, Citigroup, Deutsche Bank, ICICI Securities, JM Financial, Kotak and SBI Capital will be the leads on the IPO.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.