SBI Life Insurance, the insurance arm of the country's largest lender State Bank of India, will come out with its initial public offering on Wednesday to raise up to Rs 8,400 crore from the capital markets.
The share sale offer which opens on Wednesday will close on 22 September. This would be the second listing of a life insurer after ICICI Prudential Life Insurance, which went public last year.
The price band for SBI Life IPO is Rs 685-700 per equity share with a discount to eligible employees of Rs 68 per share on the offer price.
Bids can be made for a minimum of 21 equity shares and in multiples of 21 equity shares thereafter. The equity shares will be listed on the BSE and the NSE.SBI will dilute 10 percent of its stake in the life insurance venture SBI Life through public offer.