India’s largest public sector bank State Bank of India is in talks with global sovereign wealth funds and strategic investors to sell up to 5% stake in SBI Life, the life insurance joint venture with BNP Paribas Cardif in a preIPO fund raising, pegging its valuation `37,000-40,000 . The life insurer, that is looking to go public next year, has appointed investment bank Kotak Mahindra Capital to look for buyers, said three people with direct knowledge of the development. The process has been kick-started and Information Memorandum, or IMs, have been sent out to prospective buyers. Last month, the parent, India’s largest public sector bank, in a filing to the stock exchanges had said, “State Bank of India (SBI) will divest up to 5% of its stake in its life insurance subsidiary SBI Life Insurance.“