State Bank of India (SBI) has approved divestment of its stake in SBI Life through an initial public offering (IPO).
“Executive committee of Central Board of the bank in its meeting held on July 10, 2017 has accorded final approval for divestment of SBI’s stake in SBI Life through an IPO,” SBI informed the exchanges.
Final approval, subject to the approval of the Securities and Exchange Board of india, the Insurance Regulatory and Development Authority of India or Government of India, Reserve Bank of India and/or such other approvals, permissions and sanctions of all other concerned authorities and departments, if and to the extent necessary and subject to such conditions and modifications as may be prescribed in granting such approvals, the bank added.
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