SBI Life Insurance Co Ltd will now go to hire 8 banks such as Deutsche Bank, Citigroup and other just to manage its up to $1 billion initial public offering of shares.
As per the Thomson Reuters publication said, The life insurance arm of top Indian lender State Bank of India will hire five local banks - Axis Capital, ICICI Securities, JM Financial, Kotak and SBI Capital Markets"
IFR further added, "SBI Life now plans to offer a 12 percent stake in the IPO, up from the 10 percent earlier planned"
SBI Owns 70.1% of SBI Life, however, BNP Paribas Cardif owns 26%.
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