Union Bank of India reduces stake in IndiaFirst Life Insurance Company Limited to 9%

Pursuant to the divestment of Union Bank's 21% stake in IndiaFirst Life Insurance Company Limited (IFLIC) in favor of Bank of Baroda, the Bank has transferred 13,93,26,923 Equity Shares of IFLIC to Bank of Baroda.

The process of stake sale had been completed on March 31, 2022 and with the said Divestment, the shareholding of the Bank in IFLIC stood at 9%.

This divestment is in terms of the directives of IRDAI to bring down the Bank's stake in IFLIC below 10%.

Shares of Union Bank of India was last trading in BSE at Rs. 38.75 as compared to the previous close of Rs. 38.90. The total number of shares traded during the day was 1100721 in over 2775 trades.

The stock hit an intraday high of Rs. 39.45 and intraday low of 38.55. The net turnover during the day was Rs. 42956098.00.

Source : Equity Bulls

Keywords

UnionBankofIndia INE692A01016 StakeSale IndiaFirstLifeInsuranceCompany BankofBaroda