NEW DELHI: State-owned Bank of India (BOI) has sold 18 per cent stake in the insurance joint venture Star Union Dai-ichi Life Insurance Company Ltd (SUD) to its Japanese partner. "Upon change in law, Bank of India has sold its 18 per cent stake in Star Union Dai-ichi Life Insurance Company Ltd (SUD) to Dai-ichi Life Insurance Company Limited (DILIC)," the lender said in a regulatory filing. "The shareholding of DILIC will be 44 per cent up from 26 per cent upon completion of the transaction after receiving necessary statutory/regulatory approvals," it added.BOI said the transaction was completed today, i.e. September 26, 2016.With this, the shareholding of BOI has come down to 30 per cent from 48 per cent in SUD. "DILIC has since exercised the call option to acquire the said stake from Bank of India and increased shareholding of DILIC will be 44 per cent up from 26 per cent upon completion of the transaction after receiving necessary regulatory approvals," it said.

Source: Economic Times September 26, 2016 11:15 UTC