SBI Life has received capital market regulator Sebi's approval to raise an estimated Rs 6,500-7,000 crore through its initial share sale offering.

The company had filed its draft red herring prospectus (DRHP) with Sebi in July and got "observations" from the regulator on September 4, which is very necessary for any company to launch a public offer.

Besides, three insurance players HDFC Standard Life Insurance Company, General Insurance Corporation of India (GIC Re) and New India Assurance Company are awaiting Sebi's nod to float their respective IPOs, showed the latest update with the markets regulator. Sebi has sought "clarifications" from the insurance watchdog Irdai with regard to initial share sale offer of HDFC Life. Besides, clarifications are awaited from merchant bankers of (GIC Re) regarding its IPO while draft offer documents of New India Assurance are currently "under process." ICICI Lombard IPO: Know The Details

SBI Life Insurance (SBI Life) is a joint venture between India's largest lender SBI and BNP Paribas Cardif (BNPPC) the insurance holding company of France. SBI holds 70.10 per cent in SBI Life and BNPPC 26 per cent. 6 Biggest Mistakes Stock Market Investors Makes

Minority shareholders Value Life Pte, an affiliate of KKR Asian Fund and MacRitchie Investments Pte, a wholly-owned subsidiary of Temasek Holdings, hold 1.95 per cent each. Explaining the rationale behind the IPO, SBI Life said the company wants to achieve the benefits of listing equity shares on the stock exchanges. "The listing of equity shares will enhance the 'SBI Life' brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for equity shares in India," said the company. The book running lead managers to the offer are JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets.

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