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Bank of India to cut stake in insurance JV

Bank of India is proposing to sell 27% of its stake in Star Union Dai-ichi Life Insurance Company. The sale will help the bank to raise around Rs 1200 crore. The bank is also planning to sell its stakes in Bombay Stock Exchange, NSDL and Equifax to raise a total of Rs 1800 crore. The plan is to exit all non-core businesses and raising funds that can shore up its equity capital. The stake sale is expected to be completed by the end of the current financial year. The stake sale at Star Union Dai-ichi Life Insurance will leave the bank with 2% holding the life insurance venture. Star Union Dai-ichi Life Insurance is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life. Bank of India is the largest Indian shareholder with 28.96% stake, while Union Bank of India owns 25.1% and Daiichi Life 45.94%. In 2016, when the foreign direct investment limit was raised, Daiichi had bought 18% stake from Bank of India.

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