SBI Life IPO plan gets IRDA approval
Insurance regulatory body, Insurance Regulatory and Development Authority (IRDA) granted its in-principle approval to SBI Life Insurance’s IPO. SBI Life Insurance is a joint venture between India’s largest state owned bank,SBI and BNP Paribas Cardiff. SBI Life Insurance is expected to raise funds worth Rs7,400-8,500 cr through the initial public offering,which is valued at Rs65,000-70,000.