SBI Life OFS subscribed 1.94 times on Day 2

NEW DELHI: The offer for sale (OFS) by SBI Life Insurance Company was subscribed 1.94 times on the second day of the issue on Wednesday.

Retail investors put in bids for 48,48,552 shares against the total size of 25,00,000 shares, data available with NSE showed.

The OFS was subscribed 3.81 times by institutional investors on Day 1 of the bidding process on Tuesday.


BNP Paribas Cardif, the foreign partner of SBI Life Insurance, is selling up to 2.5 crore shares, representing 2.5 per cent stake in the insurance company, for at least Rs 1,625 crore through offer for sale (OFS) route.

BNP has reserved 10 per cent of the OFS shares for retail investors. The two-day issue, for which the floor price has been fixed at Rs 650 per share, opened on Tuesday.

BNP Paribas held 7.7 crore shares, representing a 7.7 per cent stake in SBI Life Insurance Company as on March 31.

The State Bank of India holds 62.10 per cent stake in the company.

Retail investors can subscribe to the OFS above Rs 670 per share against its Tuesday closing price of Rs 674.90.