"SBI Life Insurance Co. Ltd on Monday filed the draft red herring prospectus for its initial public offering (IPO), joining several other insurance companies headed for the stock market. In an offer for sale, SBI and BNP Paribas will sell 80 million and 40 million shares respectively, amounting to a combined 12% stake. SBI Life is not raising any primary capital. The IPO could see SBI Life raise more than $1 billion (about Rs6,500 crore), a Bloomberg story quoted bankers as saying," reported Mint.
AZB & Partners partners Varoon Chandra, Lionel D’Almeida and Arvind Ramesh and
Cyril Amarchand Mangaldas Mumbai Yash Ashar, Abhinav Kumar and Indranath Bishnu acted for SBI and SBI Life. Squire Patton Boggs Singapore acted for SBI Life Insurance.
Khaitan & Co
_Milbank, Tweed, Hadley & McCloy_ acted for BNP Paribas, Citigroup and Deutsche Equities.
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How is SBI Life raising money if there's no primary? Aren't the 2 lines above contradictory?
Also, AZB Mumbai seems to be doing a lot more deals than the Delhi office. This could answer your question.
if the conflict is disclosed to the board there is no issue. Problem only if its government ..SBI is private.
every senior govt officer(SBI or otherwise) knows the CVC rules and the huge risk of going wrong if they create conflict of interest. Go file RTI if you have too much free time and want to snoop for more details
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