Mumbai: SBI Life Insurance Co Ltd, a unit of State Bank of India, on Monday filed for an initial public offering of shares that bankers have said could raise more than $1 billion.
SBI, the nation's top bank by assets, is selling up to 8 percent stake, or 80 million shares, in the unit as part of the IPO, while BNP Paribas Cardif is selling up to 4 percent stake, or 40 million shares, according to a regulatory filing.
SBI Life, which is 70 percent owned by SBI and 26 percent by BNP Paribas Cardif, will not receive any proceeds from the IPO.
Axis Capital, BNP Paribas, Citi, Deutsche Bank, ICICI Securities, JM Financial, Kotak Investment Banking and SBI Capital Markets are managing the issue.
SBI Life will be the second life insurer to go public. ICICI Prudential Life Insurance Co Ltd listed on the stock exchanges last year after a more than $900 million IPO.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)