As of now the bank has no plans to sell more than 10 percent stake and is not considering an initial public offering (IPO) immediately for SBI Life,said VG Kannan, MD, SBI.
State Bank of India 's Executive Committee has approved divestment in SBI Life up to 10 percent. Speaking on it, VG Kannan, MD, SBI said the divestment is likely to happen in first quarter of FY16 and would bring down SBI's stake in SBI Life to 64 percent from the current 74 percent.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74 percent of the total capital and BNP Paribas Cardif the remaining 26 percent. SBI Life Insurance has an authorized capital of Rs. 2,000 crores and a paid up capital of Rs 1,000 crores.
Cardiff has shown an inclination to buy the stake but it has not yet been decided how much stake would be given to them, said Kannan. Cardif has the first right of refusal.
Although the exact valuation hasn't been done, a back of the envelope calculation of the10 percent stake sale amounts to around Rs 2500 crore, said Kannan.
He said the bank had no plans to sell more than 10 percent stake for now and is not considering an initial public offering (IPO) immediately for SBI Life. The IPO may likely be announced in a year or two, he added.
Interview transcript to follow
SBI stock price
On March 31, 2015, at 09:20 hrs State Bank of India was quoting at Rs 267.75, down Rs 0.15, or 0.06 percent. The 52-week high of the share was Rs 335.90 and the 52-week low was Rs 186.74.
The company's trailing 12-month (TTM) EPS was at Rs 16.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 16.12. The latest book value of the company is Rs 158.43 per share. At current value, the price-to-book value of the company is 1.69.
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