SBI rules out further stake dilution in SBI Life before IPO

Source: The Hitavada      Date: 22 Dec 2016 09:42:13


Dec 21,


STATE Bank of India (SBI) Wednesday ruled out further stake dilution in its life insurance arm before the the proposed initial public offering that is likely to to happen over the next 12-18 months. “We want to retain 50.1 per cent control in SBI Life Insurance even after the IPO. So, there is no likelihood of any further stake dilution before the share sale, which I hope should be completed over the next 12-18 months,” SBI Chairperson, Arundhati Bhattacharya said.
She was talking to reporters after inaugurating an over 76,000 sqft Central Processing Centre of SBI Life, at the sprawling Seawoods Grand Central suburban railway station-cum-mall in Navi Mumbai. The centre can seat at least 800 people. It can be noted that despite a board mandate to dilute 5 pc stake in life insurance arm, SBI had sold only 3.9 pc stake in SBI Life to global private equity major KKR and Singaporean sovereign fund Temasek for Rs 1,794 crore or USD 264 million on Dec 5.