Aditya Birla Nuvo (ABNL) has entered into an agreement with the Canadian insurance major Sun Life to sell around 437 million equity shares constituting 23% of the issued and paid up equity share capital of Birla Sun Life Insurance (BSLI).
On completion of the transaction, Sun Life’s stake in BSLI will increase from current 26% to 49% while ABNL will continue to hold the controlling stake at 51%. The 23% stake sale will fetch ABNL Rs 1,664 crore, valuing BSLI at Rs 7,235 crore.
Aditya Birla Nuvo is a $4.4 billion conglomerate operating in the services and the manufacturing sectors, where it commands a leadership position. Its service sector businesses include Financial Services, Fashion & Lifestyle and Telecom.
