SBI Life files IPO papers with Sebi, likely to raise Rs 6,500-7,000 cr

The public issue by the private life insurer involves its promoters offloading up to 12 crore equity shares of face value of Rs 10 each through offer of sale route, SBI Life said

PTI July 18, 2017 09:33:48 IST
SBI Life files IPO papers with Sebi, likely to raise Rs 6,500-7,000 cr

Mumbai: SBI Life on Monday said it has filed initial papers with capital market regulator Sebi to raise Rs Rs 6,500-7,000 crore through an initial public offer (IPO).

The public issue by the private life insurer involves its promoters offloading up to 12 crore equity shares of face value of Rs 10 each through offer of sale route, SBI Life said in a release.

The private insurer becomes the second life insurer in the country after ICICI Prudential Life to go for IPO.

State Bank of India will dilute up to 8 crore equity shares while BNP Paribas Cardif S A will offload up to 4 crore equity shares.

SBI Life files IPO papers with Sebi likely to raise Rs 65007000 cr

Reuters

Sources said the SBI Life is looking at raising Rs 6,500-7,000 crore through the issue. "This offer includes a reservation of up to 2,000,000 Equity Shares (constituting up to 0.2 per cent of the post-offer paid-up share capital) for purchase by eligible employees at a discount on the offer price and a reservation of up to 12,000,000 equity shares (constituting up to 10 percent of the offer) for purchase by State Bank shareholders for cash at a price per equity share," SBI Life said.

The offer would constitute up to 12 percent of the post-offer paid-up share capital and the net offer shall constitute 10.60 percent of the post-offer paid-up share capital, it added.

The Book Running Lead Managers to the offer are JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets.

The shares are proposed to be listed on the BSE and the NSE. SBI Life's New Business was at Rs 10,368 million in 2016-17.

The company is a joint venture between State Bank and BNPPC, an insurance subsidiary of BNP Paribas.

As of 30 June, 2017, the company had a comprehensive product portfolio of 37 individual and group products, including a range of protection and savings products to address the insurance needs of diverse customer segments.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Reliance Retail, Future Group's Rs 24,000 crore deal cleared by market regulator SEBI
Business

Reliance Retail, Future Group's Rs 24,000 crore deal cleared by market regulator SEBI

The SEBI, in its letter of approval, listed a number of conditions in accordance to the Composite Scheme of Arrangement. The regulatory body has also referred to the apprehensions raised by Amazon.

IRFC IPO share allotment to be finalised today; check details at kfintech.com and bseindia.com
India

IRFC IPO share allotment to be finalised today; check details at kfintech.com and bseindia.com

Price range of the offer was fixed at Rs 25 to Rs 26 per share. Ahead of the IPO, IRFC had raised about Rs 1,400 crore from anchor investors