Insurance Regulatory and Development Authority has given an in-principle approval for the IPO of SBI's life insurance subsidiary, reports CNBC-TV18 quoting sources.
It is learnt that SBI Life Insurance is likely to file draft red herring prospectus (DRHP) with capital market regulator SEBI in coming weeks.
The life insurance subsidiary of the country's largest bank will approach the insurance regulator again for final nod after SEBI approval.
SBI Life is expected to raise Rs 7,400-8,500 crore through IPO, which valued it at Rs 65,000-70,000 crore, sources said.If it lists on the bourses, then it would be the second direct listing of an insurance company. So far ICICI Prudential Life Insurance (which started trading in September last year) is the only insurance company listed on exchanges.