SBI Life files for IPO, expected to raise over $1 billion

According to reports, the SBI Life Insurance, a unit of State Bank of India on Monday, filed for an initial public offering, that will reportedly raise over Rs 6,400 crore. Reportedly, SBI and its joint venture partner BNP Paribas Cardiff are expected to sell up to 8% and 4% stake, respectively. This will reportedly make SBI Life as the second Indian life insurer to go public.

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