T
SBI
Life Insurance Company Limited – Initial Public Offer - IPO- to open on Wednesday,
September 20, 2017, and to close on Friday, September 22, 2017
Price
Band fixed from
Rs. 685 per Equity Share
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 QIB Bidders (other
than Anchor Investors), including Mutual Funds, subject to valid Bids being
received at or above the Offer Price. 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.
* In compliance
with the proviso to Regulation 21A(1) of the Securities and Exchange Board of
India (Merchant Bankers) Regulations, 1992, as amended, read with proviso to
Regulation 5(3) of the SEBI Regulations, BNP Paribas and SBI Capital Markets
Limited will be involved only in marketing of the Offer
Disclaimer:-
SBI LIFE INSURANCE
COMPANY LIMITED is proposing, subject to applicable statutory and regulatory
requirements, receipt of requisite approvals, market conditions and other
considerations, to make an initial public offer of its Equity Shares and has
registered The Red Herring Prospectus dated September 11, 2017 with the
Registrar of Companies, Maharashtra at Mumbai on September 12, 2017. The RHP
shall be available on the websites of SEBI and the Stock Exchanges at
www.sebi.gov.in, www.bseindia.com and www.nseindia.com, respectively, and at
the websites of the Lead Managers: at www.jmfl.com, www.axiscapital.co.in,
www.bnpparibas.co.in, www.online.citibank.co.in, www.db.com/India,
www.icicisecurities.com, www.investmentbank.kotak.com and www.sbicaps.com,
respectively. Potential investors should note that investment in equity shares
involves a high degree of risk and for details relating to the same, see the
section titled “Risk Factors” on page 20 of the RHP.
The Equity Shares
have not been and will not be registered under the U.S. Securities Act of 1933,
as amended (the “U.S. Securities Act”) or any state securities laws in the
United States, and unless so registered may not be offered or sold within the
United States, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the U.S. Securities Act and
applicable U.S. state securities laws. Accordingly, the Equity Shares are being
offered and sold within the United States only to “qualified institutional
buyers” (as such term is defined in Rule 144A under the U.S. Securities Act) in
reliance on the exemption from the registration requirements of the U.S.
Securities Act or another available exemption from registration under the U.S.
Securities Act and outside of the United States in offshore transactions in
reliance on Regulation S under the U.S. Securities Act and the applicable laws
of the jurisdiction where those offers and sales are made. There will be no
public offering of the Equity Shares in the United States.
SBI Life Insurance
Company Limited: Trade logo displayed above belongs to State Bank of India and
is used by SBI Life under license.
Capitalised
terms not otherwise defined in this press release shall have the meanings given
to them in the RHP.
For
further details contact: Adfactors PR - Purvi Shah 09833431331, 09820531932
Notes
to the Editor
Established as a joint venture between the State
Bank and BNP Paribas Cardif S. A. in 2001, SBI Life Insurance Company Limited
is India’s largest private life insurer, in terms of New Business Premium
generated in each fiscal year, since Fiscal 2010 (Source: CRISIL Report). As of
July 31, 2017, it had a comprehensive product portfolio of 37 individual and
group products (of which eight products are group products), including a range
of protection and savings products to address the insurance needs of diverse
customer segments. It has developed a multi-channel distribution network
comprising an expansive bancassurance channel, including State Bank, the
largest bancassurance partner in India, a large and productive individual agent
network comprising 95,177 agents as of July 31, 2017, as well as other
distribution channels including direct sales and sales through corporate
agents, brokers, insurance marketing firms and other intermediaries. As of July
31, 2017, it had bancassurance partnerships with 17 Regional Rural Banks, and
with the Punjab and Sind Bank and South Indian Bank. Its bancassurance network
provides it with a strong presence across rural and urban areas, including
metropolitan cities, tier I, tier II and tier III cities and towns across
India. As of July 31, 2017, it engaged with more than 42,000 CIFs at
bancassurance partner branches to sell our products, and continue to provide
effective technology support and training on product features, customer
requirements and sales techniques.
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