SBI Life Insurance Company Limited ("Company"
or "Issuer") proposes to open on Wednesday, September 20,
2017, an initial public offering up to 120,000,000 Equity Shares of face value
of ₹ 10 each (“Equity Shares”) which comprises of an offer for
sale of up to 80,000,000 Equity Shares by State Bank of India (“State Bank”
or the “Promoter Selling Shareholder”) and up to 40,000,000 Equity
Shares by BNP Paribas Cardif S.A. (the “Investor Selling Shareholder”
and together with the Promoter Selling Shareholder, the “Selling
Shareholders”) (“Offer”), including a reservation of up to 2,000,000
Equity Shares for purchase by Eligible Employees (as defined in “Definitions
and Abbreviations” at page 5 of the red herring prospectus dated September 11,
2017 registered by the Company with the Registrar of Companies, Maharashtra at
Mumbai (“RHP”) on September 12, 2017) at a discount of Rs. 68 per Equity
Share and a reservation of up to 12,000,000 Equity Shares for purchase by State
Bank Shareholders (as defined in “Definitions and Abbreviations” at page 7 of
the RHP). The Offer would constitute up to 12% of post-Offer paid-up Equity
Share capital and the net offer shall constitute 10.60% of the post-Offer
paid-up Equity Share capital.
The Price Band for the Offer is fixed from Rs. 685 per Equity
Share to Rs. 700 per Equity Share, with a discount to Eligible Employees of Rs.
68 per Equity Share on the Offer Price. Bids can be made for a minimum of 21
Equity Shares and in multiples of 21 Equity Shares thereafter. The Offer will
close on Friday, September 22, 2017.
The Company and the Promoter Selling Shareholders may, in
consultation with the book running lead managers to the Offer ("Lead
Managers"), consider participation by Anchor Investors. Such Anchor
Investors shall Bid during the Anchor Investor Bid / Offer Period; i.e., one
Working Day prior to the Bid/Offer Opening Date, on which Bids by Anchor
Investors shall be submitted and allocation to Anchor Investors shall be
completed.
The Lead Managers are JM Financial Institutional Securities
Limited, Axis Capital Limited, BNP Paribas*, Citigroup Global Markets India
Private Limited, Deutsche Equities India Private Limited, ICICI Securities Limited,
Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited*.
The Equity Shares offered in the Offer proposed to be
listed on BSE Limited and National Stock Exchange of India Limited.
The Offer is being made in accordance with Regulation 26(1) of
the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009, as amended (“SEBI Regulations”),
wherein not more than 50% of the Net Offer shall be allocated on a
proportionate basis to Qualified Institutional Buyers (“QIBs”), provided
that our Company and the Promoter Selling Shareholders may, in consultation
with the Lead Managers, allocate up to 60% of the QIB Portion to Anchor
Investors on a discretionary basis, out of which one-third shall be reserved
for domestic Mutual Funds only, subject to valid Bids being received from
domestic Mutual Funds at or above the Anchor Investor Allocation Price, in
accordance with the SEBI Regulations. 5% of the QIB Portion (excluding the
Anchor Investor Portion) shall be available for allocation on a proportionate
basis to Mutual Funds only, and the remainder of the QIB Portion shall be
available for allocation on a proportionate basis to all
Further, not less than 15% of the Net Offer shall be available
for allocation on a proportionate basis to Non-Institutional Investors and not
less than 35% of the Net Offer shall be available for allocation to Retail
Individual Bidders in accordance with the SEBI Regulations, subject to valid
Bids being received at or above the Offer Price. All potential investors, other
than Anchor Investors, are required to mandatorily utilise the Application
Supported by Blocked Amount (“ASBA”) process providing details of their
respective bank account which will be blocked by the SCSBs, to participate in
this Offer.
