SBI Life Insurance has filed a draft red herring prospectus (DRHP) with Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) for issuing 12 crore equity shares. According to bankers, this will help raise upto Rs 7,000 crore.
SBI Life is joint venture between State Bank of India (SBI) and BNP Paribas Cardif. SBI holds 70.1% stake in the life insurer with Cardif holding 26%. According to the draft prospectus, SBI will sell 8% stake and BNP Paribas Cardif 4%.
Last week, ICICI Lombard General Insurance Company had filed draft prospectus with Sebi to dilute around 19% stake through an IPO.