Aditya Birla Capital completes sale of entire stake in Aditya Birla Insurance Brokers

Industry:    2 months ago

Aditya Birla Capital announced the completion of stake sale of Aditya Birla Insurance Brokers (ABIBL) to Edme Services (Edme), which is part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund.

The Board of Directors of the Company, earlier in March 2023, had approved the sale of its entire stake in ABIBL.
This was followed by the execution of a Share Purchase Agreement (SPA) between the Company, ABIBL, Infocyber India (which is the other shareholder of ABIBL holding 49.998% and which was subsequently amalgamated into Birla Group Holdings) and Edme Services, subject to regulatory approval, which was received in July 2024.
print
Source: