SBI Life Insurance Company raises Rs 2,226 crore from anchor investors

SBI Life Insurance Company has raised nearly 27% of the IPO amount from anchor investors on Tuesday, the day before the issue opens for the public.

The country's largest private life insurance company raised Rs 2,226 crore from 69 anchor investors including PE firms and mutual fund houses like BlackRock Global, Axis Mutual Fund, HSBC Global, Monetary Authority of Singapore, Kuwait Investment Authority, Baron Emerging Markets Mauritius, etc.

The company through its merchant bankers informed exchanges that under anchor investors portion in the public issue of SBI Life Insurance Company, 3.18 crore equity shares have been subscribed on Tuesday by 69 anchor investors.

The insurer raised this money at the higher end of the price band of Rs 685-700 per share. The USD 1.3 billion initial public offering of SBI Life has opened for subscription from Wednesday. India's largest private life insurer will close its public issue on September 22.

The 12-crore shares IPO of SBI Life comprises of an offer for sale of up to 8 crore equity shares by country's largest lender State Bank of India and up to 4 crore shares by BNP Paribas Cardif SA. Bids can be made for a minimum of 21 equity shares and in multiples of 21 shares thereafter.

The book running lead managers to the offer are JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets. 


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