SBI Life Insurance is all set to launch its initial public offering (IPO) next week on the 20th of September. The life insurance firm plans to raise Rs 8,400 crore and has fixed the price band for the issue at Rs 685 to Rs 700 a share.
CNBc-TV18’s Yash Jain caught up with Arijit Basu, MD & CEO of SBI Life and asked him about the details of the IPO.
This is a 12 percent offer, SBI will dilute 8 percent, BNP Paribas Cardiff to dilute 4 percent via SBI Life IPO. SBI's shareholding would come down to 62.1 percent and Cardiff's shareholding would come down to 22 percent post IPO, he said.
SBI Life has healthy solvency ratio, does not require capital at the moment. It could need capital three years down the line to support growth plans, he added.Watch accompanying video for more...