The State Bank of India (SBI) plans to dilute 12 percent of its stake in SBI Life initial public offer instead of 10 percent decided earlier. The bank also plans to dilute 8 percent stake sale of SBI Life through IPO, as per sources.
BNP Paribas Cardiff is also likely to dilute 4 percent stake instead of 2 percent earlier.
SBI Life is the insurance vertical of the India’s largest public sector bank and is a joint venture between BNP Paribas Cardiff. SBI owns 74 percent of the total capital, BNP holds 26 percent and rest 1.95 percent is with KKR and Temasek.
In an interview to CNBC-TV18, Dinesh Kumar Khara, MD of SBI spoke about the latest happenings and SBI Life's IPO.
Below is the verbatim transcript of the interview.
Anuj: Could you give us the timeline for the stake sale plans in SBI Life?
A: We plan to come with an IPO in the first half of this financial year but much of it will depend upon the prevailing market conditions at that point of time.
Latha: This means your road shows would have started, isn't it, if you want it before September 30?
A: Pre IPO road show happened but once we announce it then we will get on to the road shows.
Latha: Will you be only divesting or are you all also looking at raising money?
A: As of now SBI and Cardiff, our joint venture partner, both are divesting.More to follow...