Mumbai: SBI Life Insurance Co. Ltd is set to hire eight banks, including Citigroup, Deutsche Bank and BNP Paribas, to manage its up to $1 billion initial public offering of shares, IFR reported on Friday, citing three sources with knowledge of the deal.

The life insurance arm of top Indian lender State Bank of India will hire five local banks—Axis Capital, ICICI Securities, JM Financial, Kotak and SBI Capital Markets—IFR, a Thomson Reuters publication, said.

SBI Life now plans to offer a 12% stake in the IPO, up from the 10% earlier planned, IFR said.

Of that, State Bank of India will sell 8% and BNP Paribas Cardif will sell 4%.

State Bank of India owns 70.1% of SBI Life, while BNP Paribas Cardif owns 26%. KKR and Temasek own 1.95% each. Reuters

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