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SBI Life seeks capital markets regulator's nod for IPO

SBI Life seeks capital markets regulator's nod for IPO

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.

The IPO would comprise an offer for sale, by SBI and BNP Paribas Cardif S.

The insurance company will sell up to 12 crore equity shares through public issue.

SBI Life Insurance is a joint venture between State Bank of India (SBI) with 74 percent stake and BNP Paribas Cardif with the remaining 26 percent. "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.

There are JM Financial, Axis Capital, BNP Paribas, Citi Group and Deutsche Equities India are book running lead managers for the IPO.

Last September, ICICI Prudential Life Insurance debuted on the stock exchanges, becoming the first private sector life insurer to do so but the company had a tepid listing compared to its issue price of Rs 334 apiece.

Last week, ICICI Lombard General Insurance filed DRHP with SEBI for an IPO.