SBI Life Insurance Co. Ltd. could sell a 10% stake through its proposed IPO, the Press Trust of India reported Jan. 30, citing the insurer's managing director, Arijit Basu.
Basu said the timing for the IPO is still undecided but reiterated that it could happen in the 2017-2018 fiscal year that starts April 1.
Basu also said that it is still unclear if the 10% stake for the IPO will come from State Bank of India or if the bank and its partner, BNP Paribas Cardif, will each dilute a 5% stake for the offering. SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas.
State Bank of India now owns a 70.1% stake in the insurer following the divestment of a 3.9% stake in the insurer in December 2016. The remaining 26% stake is held by BNP Paribas.