SBI Life Insurance to offer 10 per cent stake

Hyderabad: SBI Life Insurance on Monday hinted that it may offer up to 10 per cent of its stake when the company opts to file for an Initial Public Offering in FY17-18.

Speaking after the inauguration of the new office in Hyderabad, SBI Life MD and CEO, Arijit Basu said, “The timing for an IPO is yet to be decided but there is a possibility of it happing in the coming financial year.”

SBI Life Insurance, which is a joint venture between State Bank of India and BNP Paribas Cardif, in December, sold 3.9 per cent of its stake to  KKR and Temasek Holdings for Rs 1,794 crores or $264 million.

Mr Basu said the two partners will hold talks to decide on whether SBI would dilute the entire 10 per cent or it would be shared equally.