By Kosaku Narioka

State Bank of India plans to sell a 2.1% stake in SBI Life Insurance Co., the Indian government-owned bank said late Thursday.

State Bank of India, which owned 58% of the insurance company as of end-March, will sell up to 21 million shares at the floor price of 725 Indian rupees ($9.54) a share, SBI Life said separately. That is 2.2% below Thursday's closing price of INR741.45.

Brokers hired by State Bank of India will help sell the shares on Friday and Monday, the insurance company said. 



  Write to Kosaku Narioka at kosaku.narioka@wsj.com