Bank of India sells 18% stake in life insurance JV
The shareholding of Bank of India will decrease from 48% to 30%.
Bank of India on Monday announced that it has sold its 18% stake in Star Union Dai-ichi Life Insurance Company (SUD) to Dai-ichi Life Insurance Company Limited (DILIC). The bank sold its stake in compliance of Clause 30 of Sebi Listing Regulations, 2015.
SUD is a joint venture among Bank of India, Union Bank of India and the DILIC, to undertake the life insurance business in India. As per the regulatory filing, the shareholding of DILIC will increase from 26% to 44% upon completin of the transaction after receiving necessary statutory approvals.
The shareholding of Bank of India will decrease from 48% to 30% while Union Bank of India will continue to hold 26%, the company said.
The shares of the company closed at Rs 117.45, down 0.72%, or Rs 0.85. It hit a high at Rs 119.75 and low at Rs 117.