Bank of India looks to divest insurance JV stake worth about USD 160 mn

State-run Bank of India Ltd on Friday offered to sell a 25 per cent 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 (USD 159.87 million).

Bank of India is looking to sell 64.9 million shares, or 25.02 per cent 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 per cent stake in the joint venture, while Union Bank of India and Dai-ichi Life owns 25.10 per cent and 45.94 per cent, respectively.