ABNL completes 23% stake sale in Birla Sun Life for Rs 1,664 crore – Feedback

Diversified firm Aditya Birla Nuvo today said it has completed an additional 23 per cent stake sale in its life insurance firm Birla Sun Life Insurance Company to its Canadian joint venture partner (JV) Sun Life Financial for Rs 1,664 crore. In a BSE filing, Aditya Birla Nuvo Ltd (ABNL) announced “completion of the transaction whereby Sun Life Financial has increased its stake in the life insurance joint venture Birla Sun Life Insurance (BSLI) from 26 per cent to 49 per cent”.

It further said: “ABNL has received a sum of Rs 1,664 crore from the stake sale, valuing BSLI at Rs 7,235 crore.” ABNL, which will continue to hold the controlling stake at 51 per cent, said the sale proceeds will reduce the net debt burden of the company substantially. Shares of ABNL closed at Rs 853 apiece, up 2.06 per cent, from their previous close on BSE.

http://economictimes.indiatimes.com/industry/banking/finance/finance/abnl-completes-23-stake-sale-in-birla-sun-life-for-rs-1664-crore/articleshow/51779662.cms

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