New Delhi, Sep 11 (PTI) SBI on Wednesday said it will raise up to Rs 3,465 crore by offloading up to 4.5 per cent stake in SBI Life Insurance Co to bring down the promoter shareholding as per regulatory norms.

The share sale process consists of a base issue of selling up to 3.5 per cent with an option to additionally sell up to 1 per cent of the total issued and paid up equity share of SBI Life.

The floor price for the share sale has been fixed at Rs 770 per equity share.

"The seller (SBI) proposes to sell up to 3.5 crore equity shares, in aggregate representing 3.5 per cent of the total issued and paid-up equity share capital of the company (SBI Life Insurance) on September 12, 2019 for non-retail investors and on September 13, 2019 for retail investors and for non-retail investors who choose to carry forward their un-allotted bids," SBI said in a regulatory filing.

The share sale comes with an option to additionally sell up to 1 crore shares (representing 1 per cent of the total issued and paid-up equity share capital of SBI Life) in case the oversubscription option is exercised.

The share sale offer is being undertaken to achieve the minimum public shareholding of 25 per cent (part of bank's share of MPS) through offer, as per the regulatory prescription, SBI said.

Promoter and promoter group have a total shareholding of 67.30 per cent in the life insurer, in which SBI holds 62.10 per cent and BNP Paribas Cardiff has 5.20 per cent.

Stock of SBI closed at Rs 285.30 apiece on BSE, up 2.66 per cent from the previous close. SBI Life settled down 0.97 per cent at Rs 800.05 per share.

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