Indiabulls Housing Finance Ltd on Saturday said it has sold its entire shareholding in Indiabulls Life Insurance Co. Ltd for a cash consideration of Rs5 lakh to SORIL Holdings and Ventures.
“The company has sold its 100% shareholding in ‘Indiabulls Life Insurance Company Limited’, presently a non- operational company with no business or license, to SORIL Holdings and Ventures Limited (’SHVL’), at face value for an aggregate cash consideration of Rs5 lac,” Indiabulls Housing Finance said in a BSE filing.
This transaction between the company and the SHVL, being related parties, is at arms’ length, it added.
Source: Mint