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SBI Life, Prataap Snacks IPO to open this week; Rs 8,882 cr expected

SBI subsidiary to offer sale from Sept 20-22; Price band fixed at Rs 685-700 per equity share

Press Trust of India  |  New Delhi 


Life Insurance and Prataap Snacks will launch their initial share sale offers this week to raise about Rs 8,882 crore.

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.

The price band has been fixed at Rs 685-700 per share with a discount of Rs 68 per share on the offer price to eligible employees.

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Indore-based snacks maker Prataap Snacks' estimated Rs 482-crore initial public offer (IPO) will open for subscription on September 22.

The issue, with a price band of Rs 930-938 per share, will close on September 26.

The Rs 482-crore issue includes Rs 200 crore through fresh equity issue and the rest from the offer for sale.

The company, which makes products under the 'Yellow Diamond' brand, will also offer a discount of Rs 90 per share to eligible employees.

It aims to use the proceeds to expand its chips making capacity by 50 per cent and double that of namkeens. It will also use the funds for marketing and brand building activities and to retire the debt on its books.

First Published: Sun, September 17 2017. 15:30 IST