SBI Life Insurance has received approval from the Securities and Exchange Board of India for an IPO (Initial Public Offering) of up to Rs 8,400 crore ($1.3 billion).
The IPO will involve 120 million secondary shares or 12 per cent of the insurer’s equity capital. State Bank of India which currently owns 70.1 per cent of the insurer, will sell 80 million shares and BNP Paribas Cardif, holder of a 26 per cent stake, will sell 40 million.
Important Takeaways from Above News-
- Mr. Arijit Basu is the MD & CEO of SBI Life Insurance Co. Ltd.
Source- The Economic Times