SBI Life IPO to be priced at Rs 685-700 a share

The IPO will raise as much as Rs 8400 crore for SBI Life's two main shareholders

SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Cardif, will come out with its initial public offering on September 20.

The issue, which is an offer for sale by the two promoters, will be priced in the band of Rs 685-700 per share.

In an announcement to the stock exchanges, State Bank of India said the IPO of the life insurance firm will close on September 22. SBI Life is expected to raise up to Rs 8,400 crore from its offer for sale of 120 million shares.

SBI will dilute 80 million shares and BNP Paribas