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Bank of India (BoI) said on Friday that it plans to sell a 25.05 per cent equity stake in Star Union Dai-Ichi Life Insurance Company (SUD Life) at a floor price of ₹170.50 per share.
The public sector bank has issued a request for proposal to sell up to 6,48,73,964 equity shares. At the floor price, the sale could rake in ₹1,106 crore.
BoI holds 28.96 per cent (investment of ₹75 crore), Union Bank holds 25.10 per cent, and Japan’s Dai-ichi Life Insurance Company 45.94 per cent in the insurance company, which commenced business in February 2009.
SUD Life reported a 38 per cent increase in net profit at ₹76 crore in FY18, against ₹55 crore in the previous financial year.
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