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State Bank of India (SBI) on Friday said it plans to dilute 10 per cent of its stake in insurance venture SBI Life through a public offer. The executive committee of central board accorded in-principle approval for initial public offer (IPO) of shares, SBI said. SBI Life Insurance is a venture of the bank and BNP Paribas Cardif. SBI owns 74 percent of the total capital and BNP the rest. BNP ruled out increasing its stake in SBI Life to 49 per cent ahead of the proposed initial public offering slated for next year.
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