September 26, 2016 / 9:46 AM / 3 years ago

BRIEF-Bank of India sells 18% stake in Star Union Dai-Ichi Life Insurance Co

Sept 26 (Reuters) - Bank Of India Ltd

* Shareholding of Bank of India will be 30% down from 48%

* Upon change in law, Bank of India has sold its 18% stake in Star Union Dai-Ichi Life Insurance Company Ltd (SUD) To Dai-Ichi Life Insurance Company Limited (DILIC).

* Shareholding of DILIC will be 44% up from 26% upon completion of the transaction Source text: [Bank of India has informed BSE that upon change in law, Bank of India has sold its 18% stake in Star Union Dai-ichi Life Insurance Company Ltd (SUD) to Dai-ichi Life Insurance Company Limited (DILIC). Hence, the Shareholding of DILIC will be 44% up from 26% upon completion of the transaction after receiving necessary statutory/regulatory approvals. Shareholding of Bank of india will be 30% down from 48%. Union Bank of India continue to hold 26%. Further, the abovesaid transaction has been completed on September 26, 2016]

Further company coverage: (Bengaluru newsroom)

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