Aditya Birla set to sell insurance brokerage business

Aditya Birla Capital Limited (ABCL), a company under the Aditya Birla Group, announced the sale of its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL), which is a non-material subsidiary.

In an exchange filing, the company said, the sale involves the transfer of all 25.65 lakh shares of Rs. 10/- each, representing 50.002% of the issued and paid-up share capital of ABIBL, to Edme Services Private Ltd, which is part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund. Infocyber India Private Limited, the other shareholder of ABIBL, will also sell its 49.998% stake in the company to the Edme Services Private Ltd. 

“The Proposed Transaction is subject to the approval of IRDAI and other statutory / regulatory approvals and other conditions under the SPA. As per reasonable estimates, the Proposed Transaction is expected to be completed within 120 to 180 days from the execution of the SPA”, the statement said.