State Bank of India (SBI) has announced the plans to sell a 2.10% stake in SBI Life Insurance through an offer for sale (OFS) to comply with the minimum public float requirement of 25%.

The lender noted that its board has approved the divestment of 2.1 crore equity shares in SBI Life.

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SBI Life Insurance is a joint venture between SBI and French financial services firm BNP Paribas Cardif. SBI held a 57.60% stake in the company as on March 31.

According a report by Livemint, the floor price for the sale is Rs725 per equity share. At the floor price, the lender will raise Rs15.22bn or $202m from the share sale.

Investment bank Nomura is advising the lender on the share sale.

Last year, American private equity firm KKR sold shares worth about $75m that it held SBI Life Insurance.

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BNP Paribas Cardif announced the plans to divested around 25 million shares in the firm in a transaction worth $235m last year.

In November last year, American investment firm Carlyle Group said it was planning to divest a 3% stake in SBI Life Insurance.

Meanwhile, SBI board approved long-term fundraising of up to $1.5bn through public offer or private placement of senior unsecured notes during FY 2020-21.