Friday, 12 May 2017

SBI to sell 12% stake in SBI Life via IPO in September

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State Bank of India, the country’s largest lender, through an initial public offer, has decided to sell a stake in the life insurance venture SBI Life.

The company in its filing to the exchanges also added that they are exploring the possibility of diluting 8% SBI’s stake in SBI Life which, including the proposed dilution of Cardiff at 4%, resulting in a total offer of sale up to 12% share through IPO.

Last month, the company had invited proposals from merchant bankers and law firms for selection of book running lead managers for IPO.

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