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SBI Life Insurance, a subsidiary of the country's largest lender SBI, will hit the capital market on September 20 to raise up to Rs 8,400 crore. The initial share sale offer will open on September 20 and close on September 22, Gurmeet Singh Bhatia, Regional Director (Lucknow), SBI Life Insurance, said at the press conference here today. This would be the second listing of a life insurer after ICICI Prudential Life Insurance, which went public last year. The price band will be 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, they said. The equity shares will be listed on the BSE and the NSE, they added. SBI Life Insurance President Abhijit Gulanikar, at a press conference in the national capital, said that as of March 31, SBI Life Insurance had assets under management (AUM) of Rs 97,736.6 crore, up 37 per cent from a year ago. The company reported a profit of Rs 954.65 crore in 2016 -17, up 13 per cent from the previous financial year, he said.
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