SBI Life Insurance Co. Ltd, a joint venture between State Bank of India and BNP Paribas Cardif, has received the market regulator’s approval for an initial public offering (IPO) to raise around Rs8,500 crore, three people aware of the development said.
The life insurer is looking to launch the IPO on 20 September, the people said on condition of anonymity.
SBI Life filed its share sale prospectus with the Securities and Exchange Board of India (Sebi) in July.
According to the document, SBI and BNP Paribas will sell 80 million and 40 million shares respectively, amounting to a combined 12% stake.
