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SBI Life Insurance Co Ltd is set to hire eight banks including Citigroup, Deutsche Bank and BNP Paribas to manage its up to $1 billion initial public offering of shares, IFR reported on Friday, citing three sources with knowledge of the deal.
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 said.
SBI Life now plans to offer a 12 per cent stake in the IPO, up from the 10 per cent earlier planned. Of that, State Bank of India will sell 8 per cent and BNP Paribas Cardif will sell 4 per cent.
State Bank of India owns 70.1 per cent of SBI Life, while BNP Paribas Cardif owns 26 per cent. KKR and Temasek own 1.95 per cent each.
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