Aditya Birla Capital offloads total stake in insurance coverage broking arm

Non-banking finance firm (NBFC) Aditya Birla Capital has accomplished sale of its 50 per cent stake in Aditya Birla Insurance coverage Brokers Ltd (ABIBL) to Edme Companies, which is part of Samara Capital Group, in line with an alternate submitting.

“The transaction is now accomplished with the sale of total 25,65,103 fairness shares…representing 50.002% of the issued and paid-up share capital of ABIBL to Edme. The Firm has obtained the upfront consideration on closing, amounting to ₹252.16 Crores from Edme,” the discover stated.

The board of Aditya Birla Capital had in March 2023 authorised the sale of its total stake in ABIBL. This was adopted by the execution of a Share Buy Settlement between ABIBL, Infocyber India Pvt Ltd–which is the opposite shareholder of ABIBL holding 50 per cent stake– and Edme.

“We hold evaluating alternatives for our companies with the long-term goal of making stakeholder worth. In keeping with the identical, we’re glad to announce the completion of divestment of Aditya Birla Capital’s total stake in Aditya Birla Insurance coverage Brokers Restricted to Edme Companies Non-public Restricted, which is a part of Samara Capital, one in every of India’s main non-public fairness corporations,” stated Vishakha Mulye, CEO, Aditya Birla Capital. ENDS

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