State Bank of India is proposing to sell part of its stake in SBI Life Insurance, according to news reports. It may divest as much as 5% of the stake, the reports said. SBI Life is a joint venture between State Bank of India and BNP Paribas Cardiff. The bank owns 74% in the company. It is estimated that the sale may bring in around Rs 1950 crore for the bank. The bank is understood to be initiating processes to get a valuation of the company done and has been in talks with PE funds. SBI Life is in the process of exploring prospects of coming out with an IPO.
