SBI Life Insurance and Prataap Snacks IPOs this week, eye Rs8,882 crore
New Delhi: SBI Life Insurance and Prataap Snacks will launch their initial share sale offers this week to raise about Rs8,882 crore.
SBI Life Insurance, a subsidiary of the country’s largest lender SBI, will hit the capital market on 20 September to raise up to Rs8,400 crore.
The initial share sale offer will open on 20 September and close on 22 September. The price band has been fixed at Rs 685-700 per equity share with a discount of Rs 68 per share on the offer price to eligible employees.
The equity shares will be listed on the BSE and the NSE.
Indore-based snacks maker Prataap Snacks’ estimated Rs482-crore initial public offer (IPO) will open for subscription on 22 September. The issue, with a price band of Rs930-938 per equity share, will close on 26 September.
The Rs482-crore issue includes Rs200 crore through fresh equity issue and the rest from offer for sale.
The company, which makes products under the ‘Yellow Diamond’ brand, will also offer a discount of Rs90 per share to eligible employees. It aims to use the proceeds to expand its chips making capacity by 50% and double that of namkeens.
It will also use the funds for marketing and brand building activities and to retire the debt on its books.