India Development News & Foreign Investment Opportunities

BoI floats RFP for selling insurance shares

Insurance JV share priced at Rs.170.50

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Insurance JV share priced at Rs.170.50

 

Banki of India.

Bank of India (BoI) has floated a request for proposal for selling over 6.38 crore shares or 25.05% stake in joint venture Star Union Dai-ichi Life Insurance Co for about Rs.1,106 crore.

The floor price has been fixed at Rs.170.50 per share of the joint venture of Union Bank of India and Japan’s Dai-ichi Life Holdings Inc.

BoI has invited non-binding proposal/bid for purchase of the equity shares by 12 April 2019 as part of plan to divest some of its non-core assets and raise funds.

The 10-year old insurance JV is 28.96% owned by BoI, 25.10% by Union Bank of India and 45.94% by Dai-ichi Life. fiinews.comBanki of India.

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