April 5, 2019 / 7:12 AM / 6 months ago

Bank Of India looks to divest insurance JV stake worth about $160 mln

April 5 (Reuters) - State-run Bank of India Ltd on Friday offered to sell a 25 percent stake in its joint venture company with Union Bank Of India Ltd and Japan’s Dai-ichi Life Holdings Inc for up to 11.06 billion rupees ($159.87 million).

Bank of India is looking to sell 64.9 million shares, or 25.02 percent stake, in Star Union Dai-ichi Life Insurance Co Ltd at a floor price of 170.50 per share, it said in a filing here

Bank of India has a 28.96 percent stake in the joint venture, while Union Bank of India and Dai-ichi Life owns 25.10 percent and 45.94 percent, respectively. ($1 = 69.1800 Indian rupees) (Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)

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