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As on: Jun 27, 2019 05:29 AM
BOI to divest 25% in Star Union Dai-ichi Life Insurance for Rs 1,106 Crore
06-Apr-19   09:21 Hrs IST

State-owned lender Bank of India (BoI) is planning to sell 25.05 per cent equity stake in Star Union Dai-ichi Life Insurance for Rs 1,106 crore at Rs 170.50 floor price of each share.

BoI has 28.96 per cent equity stake in Star Union Dai-ichi Life insurance. Other joint venture partners in the life insurance company are Union Bank of India and Japan-based Dai-ichi Life Holdings. Union Bank of India owns 25.10 per cent stake in the life insurance company, whereas Dai-ichi Life holdings with 45.94 per cent stake is the majority shareholder.

After the stake sale, BoI will hold 3.91 per cent stake in Star Union Dai-ichi Life Insurance.

In an exchange filing, BoI said it had floated a Request for Proposal (RFP) for sale of equity stake of up to 64.8 million shares of Star Union Dai-ichi Life Insurance, having a face value of Rs 10 each.

The proposed stake sale by BoI is a part of the bankÆs strategy to raise money via monetisation of its stake in strategic investments and sale of non-core assets.

For the proposed stake sale, Bank of India has appointed RBSA Capital Advisors as the financial advisor.