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 insurance company will sell up to 12 crore equity shares through public issue.
SBI will sell up to 8 crore shares or 8 percent stake in the insurance unit while BNP Paribas Cardit will sell up to 4 percent stake or 4 crore shares, according to prospectus.
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.
