IPO price band fixed at Rs 685-700 per share
SBI Life Insurance Company (SBI Life) is coming up with an initial public offer (IPO) of up to 12 crore shares through an offer for sale (OFS) by State Bank of India and BNP Paribas Cardif S.A of up to 8 crore shares and up to 4 crore shares. There is a discount of Rs 68 per share on offer price to eligible employees. The offer would constitute up to 12% of the post-offer paid-up share capital and the net offer shall constitute 10.60% of the post-offer paid-up share capital.
The IPO opens on 20 September and closes on 22 September 2017. The price band for the IPO has been fixed at Rs 685-700 per share.
SBI Life Insurance Company offers life insurance services.
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