SBI will dilute up to 8 crore shares while BNP Paribas Cardif SA will offload up to 4 crore shares.
New Delhi: The initial share sale offer of SBI Life Insurance Company was oversubscribed 1.43 times so far on the last day of bidding on Friday.
The initial public offer (IPO), which aims to raise Rs 8,400 crore, received bids for 12,64,70,379 shares against the total issue size of 8,82,00,000 shares, data available with the NSE till 1245 hours showed.
SBI Life has raised Rs 2,226 crore from anchor investors. It 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.
The company's IPO involves promoters off loading up to 12 crore shares of face value of Rs 10 each through the offer of sale route.
SBI will dilute up to 8 crore shares while BNP Paribas Cardif SA will offload up to 4 crore shares. The insurer is looking to raise about Rs 8,400 crore at the higher end of the price band which is fixed at Rs 685-700 per share.
JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company, SBI Capital Markets are the book running lead managers to the offer.