NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / SBI Life Insurance's Rs. 8,500 crore IPO receives SEBI nod
    Business

    SBI Life Insurance's Rs. 8,500 crore IPO receives SEBI nod

    SBI Life Insurance's Rs. 8,500 crore IPO receives SEBI nod
    Written by Anish Chakraborty
    Sep 09, 2017, 03:25 am 2 min read
    SBI Life Insurance's Rs. 8,500 crore IPO receives SEBI nod

    According to reports, Securities and Exchange Board of India (SEBI) has given approval for the initial public offering (IPO) of SBI Life Insurance Co. Ltd, which is a joint venture between State Bank of India and BNP Paribas Cardif. The life insurer is planning to launch the IPO on September 20 and has set a target of raising Rs. 8,500 crore. Here's more.

    The probable IPO date

    According to SBI Life's share sale prospectus, filed with SEBI in July, it'll sell 80 million shares and BNP Paribas will put up 40 million shares, making it a combined 12% stake of SBI Life Insurance Co. Ltd. SBI Life didn't respond to IPO queries, but those aware of it informed Mint that it'll get launched on September 20 and close on September 22.

    Previous stake sale

    SBI Life has hired JM Financial Institutional Securities Ltd, Axis Capital Ltd, BNP Paribas, Citigroup Global Markets India Pvt. Ltd, Deutsche Equities India Pvt. Ltd, ICICI Securities Ltd, Kotak Mahindra Capital Co. Ltd and SBI Capital Markets Ltd to handle the sale. Earlier it sold 3.9% stake to investors KKR and Co. LP, and Temasek Holdings Pte Ltd for around Rs. 1,794 crore.

    Company financials

    The insurance company, which was incorporated in 2001, was valued at Rs. 46,000 crore in the aforementioned sale. SBI Life Insurance had a portfolio of 37 individual and group products, as of June 30. It had assets worth Rs. 97,736.6 crore under management (AUM), as of 31 March. Its reported profit was Rs. 954.65 crore in FY16-17.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    State Bank of India (SBI)
    Initial Public Offering (IPO)
    Insurance
    BNP Paribas
    Securities and Exchange Board of India

    State Bank of India (SBI)

    Demonetization: Printing presses add bill worth crores to RBI's losses India
    HDFC gets 'too big to fail' status from RBI India
    SBI to launch SIA, its own chatbot! India
    No more minimum balance hassles with this SBI account India

    Initial Public Offering (IPO)

    Nifty 50: How does it actually work? India
    'Angry Birds' maker Rovio plans IPO with $2 billion valuation Business
    Uber's new CEO Dara Khosrowshahi promises big changes Uber
    Disinvestment: 25% equity stakes in 4 defense firms via IPOs Disinvestment

    Insurance

    Get Indian Railways' Rs. 10lakh travel insurance for 92 paise Indian Railways
    No insurance for cars without 'pollution under control' certificate: SC India
    Personal accident insurance: A bonus during monsoon? India
    HDFC and Max to merge their life insurance businesses India

    BNP Paribas

    Mumbai and all that's changing in it Mumbai
    RBI likely to hike rates again due to inflation: Analysts Reserve Bank Of India (RBI)
    Mahindra's Ssangyong defaults on loan repayment worth $55 million Mahindra
    Decoding the stats of Felix Auger-Aliassime in 2021 Tennis

    Securities and Exchange Board of India

    SEBI asks crowdfunding platforms to issue disclaimer Startups
    SEBI sees 18% fall in pending investor complaints India
    Stock trading till 7.30 pm? Bourses mull, SEBI on board India
    Now Aadhaar mandatory for open school exams Education

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023