Mumbai/Chennai: The insurance regulator has approved SBI Life Insurance Co. Ltd’s application for an initial public offering (IPO) seeking to raise as much as Rs7,000 crore, the largest such share sale by a life insurer in India.
The Insurance Regulatory and Development Authority of India (IRDA) approved SBI Life’s IPO a few days ago, an IRDA official said on condition of anonymity.
SBI Life, which will be the second insurer after ICICI Prudential Life Insurance Co. Ltd to sell shares to the public in India, has hired BNP Paribas, Citi, Kotak Investment Bank and Axis Capital to manage the initial share sale.
The company could sell shares amounting to a 12% stake, raising Rs6,000-7,000 crore, said two people with direct knowledge of SBI Life’s plans, requesting anonymity.
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