(SBI) today said it plans to dilute 10 percent of its stake in the life insurance venture

 SBI Life through public offer. The Executive Committee of Central Board in its meeting held today accorded in-principle approval for initial public offer (IPO), SBI said in a regulatory filing to stock exchanges. The board has given approval to "initiate process for offer for sale of 10 per cent of shares through initial public offer", it said SBI also said it is exploring the possibility of diluting 8 per cent stake sale of SBI Life through IPO out of 10 percent Offer for Sale. SBI Life Insurance is a joint venture between the bank and BNP Paribas Cardif. SBI owns 74 percent of the total capital and BNP the rest. BNP ruled out increasing its stake in SBI Life to 49 percent ahead of the proposed initial public offering slate

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