State Bank of India (SBI) plans to dilute 10 percent of its stake in the life insurance venture SBI Life through public offer.
The bank said in a filing it would explore selling an 8% stake in SBI Life in the IPO, while a senior executive separately said the lender’s partner in the joint venture, BNP Paribas Cardif, would sell a 2% stake.
“End of September is the earliest that we can contemplate going to the market subject to all regulatory approvals and clearances,” SBI Life chief executive Arijit Basu
SBI said it would explore selling an 8% stake in SBI Life in the IPO while partner in the insurance arm, BNP Paribas Cardif, would sell a 2% stake.
After this stake sale, SBI’s stake in the arm came down to 70.1 percent from 74 per cent while BNP Paribas Cardif still holds 26 percent. In December last year, the SBI had sold a 3.9 per cent in SBI Life to investment vehicles of KKR and Temasek for Rs 1,794 crore.