The State Bank of India has said that its central board has provided its approval for dilution of its stake in its life insurance arm through an initial public offer that has already secured the sectoral regulatory approval.

SBI has said in a filing that “The executive committee of the central board of the bank at a meeting held on Monday, accorded the final approval for divestment of SBI’s stake in SBI Life through an IPO.”

SBI Life Insurance once hitting the markets, would become the second insurer after  ICICI Prudential Life to go public.

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