SBI Life Insurance Company Limited – Initial Public Offer to open on Wednesday

Bengaluru, September 15, 2017: 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 perEquity Share to Rs. 700 per Equity Share, with a discount to Eligible Employeesof Rs. 68 per Equity Share on the Offer Price. Bids can be made for a minimumof 21 Equity Shares and in multiples of 21 Equity Shares thereafter. The Offerwill close on Friday, September 22, 2017. 

The Company and the Promoter Selling Shareholders may, inconsultation with the book running lead managers to the Offer ("LeadManagers"), consider participation by Anchor Investors. Such AnchorInvestors shall Bid during the Anchor Investor Bid / Offer Period; i.e., oneWorking Day prior to the Bid/Offer Opening Date, on which Bids by AnchorInvestors shall be submitted and allocation to Anchor Investors shall becompleted.

 The Lead Managers are JM Financial InstitutionalSecurities Limited, Axis Capital Limited, BNP Paribas*, Citigroup GlobalMarkets India Private Limited, Deutsche Equities India Private Limited, ICICISecurities Limited, Kotak Mahindra Capital Company Limited and SBI CapitalMarkets Limited*. 

The Equity Shares offered in the Offer proposed tobe 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 DisclosureRequirements) Regulations, 2009, as amended (“SEBI Regulations”),wherein not more than 50% of the Net Offer shall be allocated on aproportionate basis to Qualified Institutional Buyers (“QIBs”), providedthat our Company and the Promoter Selling Shareholders may, in consultationwith the Lead Managers, allocate up to 60% of the QIB Portion to AnchorInvestors on a discretionary basis, out of which one-third shall be reservedfor domestic Mutual Funds only, subject to valid Bids being received fromdomestic Mutual Funds at or above the Anchor Investor Allocation Price, inaccordance with the SEBI Regulations. 5% of the QIB Portion (excluding theAnchor Investor Portion) shall be available for allocation on a proportionatebasis to Mutual Funds only, and the remainder of the QIB Portion shall beavailable for allocation on a proportionate basis to all QIB Bidders (otherthan Anchor Investors), including Mutual Funds, subject to valid Bids beingreceived at or above the Offer Price. Further, not less than 15% of the NetOffer shall be available for allocation on a proportionate basis toNon-Institutional Investors and not less than 35% of the Net Offer shall beavailable for allocation to Retail Individual Bidders in accordance with theSEBI Regulations, subject to valid Bids being received at or above the OfferPrice. All potential investors, other than Anchor Investors, are required tomandatorily utilise the Application Supported by Blocked Amount (“ASBA”)process providing details of their respective bank account which will beblocked by the SCSBs, to participate in this Offer. 

* In compliance with the proviso to Regulation21A(1) of the Securities and Exchange Board of India (Merchant Bankers)Regulations, 1992, as amended, read with proviso to Regulation 5(3) of the SEBIRegulations, BNP Paribas and SBI Capital Markets Limited will be involved onlyin marketing of the Offer


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