"Sun Life Financial (Sun Life) will increase its stake in the life insurance joint venture, Birla Sun Life Insurance (BSLI), from 26 percent to 49 percent at an investment of Rs 1,664 crore, subject to the requisite approvals," Aditya Birla Nuvo Ltd (ABNL) informed the BSE.

  • As per the share sale and purchase agreement, which was executed today, Sun Life will purchase an additional 23 percent stake in BSLI from ABNL.  
  • ABNL will sell approximately 437 million equity shares constituting 23 percent of the issued and paid up equity share capital of BSLI.  
  • BSLI is a private life insurance player in India, with the new business premium market share of 7.9 percent as of September 30, 2015.

"Increasing our ownership position in BSLI...is exactly on strategy and supports our aspirations for Sun Life Asia as one of our four pillars of growth," Sun Life Financial President and Chief Executive Officer Dean Connor said.

 

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