Chennai, March 26 (IANS) India's largest mortgage lender State Bank of India (SBI) has decided to lower its stakes in its general insurance joint venture to 51 percent and has decided to begin the process, the bank said on Thursday.
In a regulatory filing in BSE the bank said its executive committee of the central board (ECCB) on March 25 decided to initiate the necessary action as per the joint venture agreement for dilution of its stake in SBI General Insurance from 74 percent to 51 percent.
SBI said the other partner, Insurance Australia Group (IAG) of Australia would increase its holding in the general insurance company from 26 percent to 49 percent.
According to SBI, the process for diluting its holding in favour of IAG would begin as per the joint venture agreement which includes the appointment of valuer to estimate the enterprise value and the price discovery.
The bank's decision comes in the wake of Indian parliament passing amending the insurance laws to allow foreign direct investment (FDI) up to 49 percent subject to the condition that the management control remains with Indians.
Along with the stake change the insurer would most likely undergo a name change to signify the revised shareholding pattern.
SBI General is hoping to close this fiscal with a premium of Rs.1,600 crore and increase that by 50 percent next fiscal.
SBI also has a 74:26 life insurance joint venture with BNP Paribas Cardif called SBI Life Insurance Company Ltd.
However the bank has not said anything on possible changes in the shareholding pattern.
In these 10 states of the country, only 73% of the cases of corona are there, UP at number three
The Government of India, fighting the second wave of Coronavirus, has on Tuesday released a list of 10 states in which 73 percent of the country's deaths from Corona are being recorded. According to
Delhi-NCR Weather Update: Storm will blow... lightning will thunder, possibility of rain in NCR; weather will remain like this for a week
The people of Delhi-NCR have been getting relief from the humid heat for the last three days. The Meteorological Department has issued an alert regarding rain on Tuesday. On Monday, the game of hide
Great offer from Jio, you can buy this feature phone by paying 141 rupees every month, it is competing with
New Delhi: Telecom company Reliance Jio has now brought a great offer for the feature phone to its users. Under this, you can buy Reliance Jio's feature phone JioPhone 2 by paying just 141 rupees
Karnataka: CM Yediyurappa gets interim relief from the court, case of 24 acres of government land
Karnataka Chief Minister BS Yediyurappa has received relief from the Supreme Court in a corruption case over 24 acres of government land. The Supreme Court on Monday has stayed the criminal trial
IIT-Kharagpur to launch short term courses
Kolkata, March 24 (IANS) Indian Institute of Technology-Kharagpur is launching short-term courses on niche subjects via video conferencing for students of engineering colleges and working
PM urged to intervene in stalled Rajasthan refinery project
Jaipur, March 19 (IANS) Prime Minister Narendra Modi was Thursday urged to intervene in a stalled nine MMTPA refinery project in Rajasthan that the present BJP government says is a case of
Ramadan 2024: Today the moon is seen, tomorrow will be the first Roza, the first will be the shortest and the last will be the longest.
The holy month of worship of Allah, Ramzan will begin with the sighting of the moon. There is a possibility of the moon being sighted on Monday. If the moon is sighted, Muslims will observe their
Rahul Gandhi's question, Kamal Haasan's answer: In a 23-minute discussion, Kamal said - The worst form of criticism is murder
Bharat Jodo Yatra in Uttar Pradesh is to begin on January 3. Just a day before this, Rahul Gandhi discussed Indian politics and culture with Kamal Haasan. Sharing the clip of this discussion on social
Bengal by Election Video: BJP candidate Agnimitra Paul's car attacked, stone pelted during Asansol bypoll
Voting is underway for by-elections to one Lok Sabha and one assembly seat in West Bengal. During this, there was a scuffle with the security personnel of BJP candidate Agnimitra Paul in booth number
Corona: know how many new cases came in Ghaziabad, Gurugram, Faridabad, Noida, and Bulandshahr in the last 24 hours
Noida: 1446 new infected, 13 killed
