SBI Life IPO to open on September 20; Price band fixed at Rs 685-700

India Infoline News Service | Mumbai | September 13, 2017 09:07 IST

SBI Life Insurance, a subsidiary of the country’s largest public-sector bank State Bank of India (SBI), will launch its initial public offer on September 20.

SBI Life Insurance, a subsidiary of the country’s largest public-sector bank State Bank of India (SBI), will launch its initial public offer on September 20.
 
The price band for the IPO has been fixed at Rs 685-700 per share, SBI said in a regulatory filing on Tuesday. The offer will remain open for three days. The promoters will offload up to 12 crore shares of face value of Rs 10 each through this offer, the filing added.
 
SBI and its joint venture partner BNP Paribas Cardif SA will sell 8% and 4% of their stakes, respectively in the life insurance firm. Considering upper end of the price band, SBI will fetch Rs 5,600 crore while BNP Paribas Cardif will earn Rs 2,800 crore, from its stake sale. Eligible employees will be given a discount of Rs 68 per share.
 
The objects of the issue to achieve the benefits of listing and enhance the SBI Life brand name and provide liquidity to the existing shareholders.
 
SBI Life Insurance has hired JM Financial Institutional Securities Ltd, Axis Capital Ltd, BNP Paribas, Citigroup Global Markets India Pvt. Ltd, Deutsche Equities India Pvt. Ltd, ICICI Securities Ltd, Kotak Mahindra Capital Co. Ltd and SBI Capital Markets Ltd to manage the share sale.
 

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