The executive committee of the central board of State Bank of India on Monday accorded final approval for divestment of the bank’s stake in SBI Life Insurance Company through an initial public offer.
SBI Life’s proposed IPO will involve an offer-for-sale of up to eight crore equity shares each at such price (band) per equity share as may be fixed and determined by the insurer and the selling shareholders (SBI and BNP Paribas Cardif S.A.) in consultation with the book running lead managers, to investors.
The IPO will be in accordance with SEBI and IRDAI regulations or other provisions of law as may be prevailing at that time and in such manner as may be determined by the (SBI) board (including by means of the book-building process as prescribed by SEBI).
