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SINGAPORE, March 27 (IFR) - State-owned State Bank of India plans to sell a 10% stake in SBI Life Insurance through an IPO.
In a stock exchange announcement, SBI has said it will sell 8% of its 70.1% stake.
SBI did not state the size and timing of the IPO, but chairman Arundhati Bhattacharya had earlier told IFR Asia that the IPO was likely to be launched in the financial year to end March 31 2018.
Bankers said the IPO could raise up to US$1bn.
BNP Paribas owns 26% of SBI Life, while private-equity firm KKR and Singapore’s Temasek jointly own the remaining 3.9% interest. The duo bought the 3.9% stake for Rs17.9bn (US$268m) in December 2016, valuing the company at Rs460bn. (Reporting by Anuradha Subramanyan; editing by Dharsan Singh)