SBI Life Insurance has received approval from the Securities and Exchange Board of India for an IPO of up to Rs 8,400 crore ($1.3 billion), with launch targeted for the September 20-22 period.The launch period is subject to approval from the Registrar of Companies, according to a person with knowledge of the matter. The IPO will involve 120 million secondary shares, or 12 per cent of the insurer's equity capital. State Bank of India BSE 0.67 %, which currently owns 70.1 per cent of the insurer, will sell 80 million shares and BNP Paribas Cardif, holder of a 26 per cent stake, will sell 40 million. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774
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