SBI Life Insurance Co. Ltd has raised Rs2,226 crore from anchor investors as its initial share sale opened for public subscription on Wednesday.
BlackRock, Canada Pension Fund, Government of Singapore, Abu Dhabi Investment Authority, HSBC, HDFC MF, ICICI Prudential MF, Kotak MF, Reliance MF, Axis MF and UTI MF are among the 69 anchor investors.
The leading insurer would allot 3.18 crore shares to 69 anchor investors at an average price of Rs700, garnering Rs2,226 crore to the company, SBI Life informed to the exchanges. SBI Life Insurance is a joint venture between India’s largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC) -- the insurance holding company of France.
According to SBI Life, the listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for equity shares in India. Besides, the IPO of ICICI Lombard General Insurance Company closed today. In 2016, ICICI Prudential Life Insurance became the country’s first listed insurer after its Rs6,000 crore public issue.
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SBI Life Insurance Co. Ltd has raised Rs2,226 crore from anchor investors as its initial share sale opened for public subscription on Wednesday.
BlackRock, Canada Pension Fund, Government of Singapore, Abu Dhabi Investment Authority, HSBC, HDFC MF, ICICI Prudential MF, Kotak MF, Reliance MF, Axis MF and UTI MF are among the 69 anchor investors.
The leading insurer would allot 3.18 crore shares to 69 anchor investors at an average price of Rs700, garnering Rs2,226 crore to the company, SBI Life informed to the exchanges. SBI Life Insurance is a joint venture between India’s largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC) -- the insurance holding company of France.
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