SBI Life Insurance files for IPO to raise Rs 7,000 crore

JV partners plan to sell up to 120 mn shares of a face value Rs 10 each through offer for sale

SBI Life Insurance, a joint venture (JV) between the State Bank of India (SBI) and BNP Paribas Cardif, filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi), the capital markets regulator, for an initial public offering (IPO) of equity shares, on Monday.

The two JV partners are planning to sell up to 120 million shares of a face value Rs 10 each through an offer for sale, which will help them garner well over $1 billion (about Rs 7,000 crore).

The SBI, the country’s largest bank, is selling up to an 8 per cent stake, or