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On Tuesday, Bank of India has sold 18% stake in Star Union Dai-ichi Life Insurance Company to its Japanese partner for Rs 540 crore.
Subsequently, Dai-ichi Life Insurance Company’s share will go up to 44% and it will become the single largest promoter of the company. The share of Bank of India will come down to 30% whereas Union Bank will continue to hold 26%.
According to joint venture terms, the Japanese insurer had agreed to buy the additional 18% stake after liberalisation of foreign direct investment norms. Bank of India had agreed to sell 18% at the time of signing the JV.
