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State Bank of India to offload 4.5% stake in SBI Life Insurance

State Bank of India is looking to sell up to a 4.5% stake in insurance unit SBI Life Insurance Co. Ltd.

The bank said Sept. 11 that it plans to sell 35 million shares with an option to sell a further 10 million shares, or up to a total of 4.5% of SBI Life Insurance's shares. The bank is offering the shares to achieve a minimum public shareholding of 25% in the insurance company.

The floor price is set at 770 rupees per equity share, according to a news release.

The offer will open to nonretail and retail investors on Sept. 12 and Sept. 13, respectively.

As of Sept. 11, US$1 was equivalent to 71.70 Indian rupees.