SBI Life Insurance IPO to come in 18-24 months
State Bank of India in its meeting held today announced that the bank plans to bring its insurance arm SBI Life insurance for initial public offering (IPO) within 18-24 months.
The talks over SBI Life Insurance IPO, has been happening since last year.
Earlier SBI had announced to divest its 5% stake in SBI Life Insurance.
For which the bank said today, “ In the month of January 2017, the stake sale deal will complete.”
In a report from Economic Times, it was known that the bank has appointed investment bank Kotak Mahindra Capital Company to look for buyers.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardiff.
Till now ICICI Prudential Life Insurance is only insurance company which has opted for IPO market. It raised around Rs 6000 crore from it.
So far, 19 companies have entered the stock exchanges via IPO market.