SBI to divest 80 million shares in SBI Life via IPO

Price to be fixed after talks with SBI Life, BNP Paribas Cardiff and lead managers

State Bank of India’s (SBI’s) executive committee of the central board has given the final approval for divestment of 80 million shares in SBI Life through an initial public offering (IPO), at a meeting on Monday.  

The shares being offered for sale by the country’s biggest lender will be available at a price that would be fixed and determined by SBI Life, SBI, and BNP Paribas Cardiff, in consultation with the book-running lead managers, the lender said in a statement to the BSE.

Last week, SBI Life had submitted its draft papers to the Insurance Regulatory and Development Authority