The Executive Committee of the Central Board of SBI has authorised divestment of the bank's stake in SBI Life Insurance by 10%
State Bank of India has informed BSE that the Executive Committee of the Central Board (ECCB) has on March 30, 2015 authorised divestment of SBI's stake in SBI Life Insurance Co Ltd by up to 10%.
SBI recently said, “The ECCB decided to initiate the necessary action as per JV (joint venture) agreement for dilution of SBI’s stake in SBI General Insurance from 76% to 51% with corresponding increase of stake of IAG from 26% to 49%, including appointment of a valuer to facilitate valuation and price discovery.”
Earlier this month, Parliament had passed the Insurance Laws (Amendment) Bill, 2015 which seeks to increase foreign investment in private sector companies to 49 percent from existing 26 percent, among other things.
The proposal to increase stake comes in the backdrop of capital requirement of the company
State Bank of India has informed BSE that the Executive Committee of the Central Board (ECCB) has on March 30, 2015 authorised divestment of SBI's stake in SBI Life Insurance Co Ltd by up to 10%.SBI recently said, “The ECCB decided to initiate the necessary action as per JV (joint venture) agreement for dilution of SBI’s stake in SBI General Insurance from 76% to 51% with corresponding increase of stake of IAG from 26% to 49%, including appointment of a valuer to facilitate valuation and price discovery.”
Earlier this month, Parliament had passed the Insurance Laws (Amendment) Bill, 2015 which seeks to increase foreign investment in private sector companies to 49 percent from existing 26 percent, among other things.
The proposal to increase stake comes in the backdrop of capital requirement of the company
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