India Development News & Foreign Investment Opportunities

BoI floats RFP for selling insurance shares

Insurance JV share priced at Rs.170.50


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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