SBI Life Insurance opened up for public subscription on Wednesday and the issue was able to raise Rs. 2226 crore with the help of its anchor investors.
The list of anchor investors includes names such as BlackRock, Government of Singapore, Abu Dhabi Investment Authority, Canada Pension Fund, HSBC, HDFC MF, Kotak MF, ICICI Prudential MF, Reliance MF, UTI MF, and Axis MF among the 69 anchor investors.
As part of the IPO, SBI Life Insurance will sell 3.18 crore shares to the 69 anchor investors at a price of Rs. 700 per share. This will ensure that the leading insurer is able to add Rs. 2226 crores to its portfolio.
SBI Life Insurance is a coalition between the state-owned SBI (State Bank of India) and BNP Paribas Cardiff.
For the IPO of SBI Life, its promoters diluted about 12 crore shares, each with a face value of Rs. 10 by following the sale route. Out of 12 crore mentioned shares, SBI offloaded 8 crores shares whereas BNP Paribas offloaded 4 crores of its shares.
The price band of the IPO is set between Rs. 685-700 per share. And the insurer expects to raise Rs. 8400 crores at the higher band value.