Benett, Coleman to buy majority stake in Aegon Religare life Insurance
Religare Enterprises Ltd (Religare) has decided to sell its 44 percent stake in Aegon Religare Life Insurance Company Ltd to Bennett Coleman and Company Ltd (BCCL), one of the joint venture partners. Aegon Religare Life Insurance is a three way joint venture between Religare (44 percent), BCCL (30 percent stake) and Aegon (26 percent).
In a regulatory filing in the BSE, Religare said it has reached a definitive agreement with BCCL which will acquire its stake in the life insurance joint venture. According to Religare, Aegon would increase its stakes in the life insurer from 26 percent to 49 percent.
This transaction is subject to necessary and appropriate regulatory approvals of Insurance Regulatory and Development Authority of India, the Competition Commission of India and the Foreign Investment Promotion Board.
BOI disburses 18 per cent stake in life insurance joint venture to Dai-ichi State-run Bank of India is heading to disburse 18 per cent of its stake in the three-way life insurance arm, Star-Union Dai-ichi Life Insurance, to the Japanese partner to bring down its share to 30 per cent. Star Union Dai-ichi Life is a joint venture between Bank of India (48 per cent), Union Bank of India (26 per cent) and Japanese life insurer Dai-ichi Life (26 per cent).
“We will bring down our stake from 48 per cent to 30 per cent. The valuation process is in progress,” Bank of India chairperson and managing director Vijaylaxmi Iyer told after announcing a Rs 56 crore net loss in the March quarter against a net profit of Rs 558 crore a year ago.
It is also believed that Dai-ichi which has 26 per cent stake will increase it to 49 per cent, while Union Bank will retain its stake at 26 per cent. Although no timeline by when the process will get over was reported.
Meanwhile, Edelweiss Tokio Life Insurance also said its foreign partner Tokio Marine will hike stake in the joint venture to 49 per cent.
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