Financial Services firm Aditya Birla Capital on Monday said it has decided to sell its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services for an undisclosed amount.

The proposed deal includes the sale of the entire 25,65,103 equity shares of Rs 10 each held by the company (along with its nominees), representing 50.002 per cent of the issued and paid-up share capital of ABIBL to Edme Services Private Limited, Aditya Birla Capital said in a regulatory filing.

The purchaser is part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund, it added.


The proposed transaction is subject to receipt of the approval of the Insurance Regulatory and Development Authority of India (Irdai), it added.

As per reasonable estimates, the proposed transaction is expected to be completed within 120 to 180 days from the execution of the share purchase agreement (SPA). PTI DP DP BAL BAL

To stay updated with the Latest Stock Market news, download our app here!

For editorial purposes, contact news@tradebrains.in

Start Your Stock Market Journey Today!

Want to learn Stock Market trading and Investing? Make sure to check out exclusive Stock Market courses by FinGrad, the learning initiative by Trade Brains. You can enroll in FREE courses and webinars available on FinGrad today and get ahead in your trading career. Join now!!