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.
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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