SBI Life Insurance sets price range for up to $1.3 billion IPO next week: sources

MUMBAI (Reuters) - SBI Life Insurance Co Ltd has set a price range of 685 rupees to 700 rupees for its initial public offering of shares next week, two sources with direct knowledge told Reuters.

The IPO, which will raise as much as 84 billion rupees ($1.3 billion) at the upper end of the price range, will open on September 20 and close on September 22, said the sources, who declined to be named as the details are not yet public.

State Bank of India, the nation's top bank by assets, is selling up to an 8 percent stake, or 80 million shares, in SBI Life as part of the IPO. BNP Paribas Cardif is selling up to a 4 percent stake, or 40 million shares, in the insurer.

($1 = 64.0260 Indian rupees)

(Reporting by Devidutta Tripathy and S. Anuradha, editing by Louise Heavens)