The board of directors of ING Vysya Bank, at its meeting held on May 28, 2005, has approved the bank's sale of 14.87% stake in ING Vysya Life Insurance Company to Gujarat Ambuja Cements (GACL) for Rs 60.9 crore. According to a release issued by ING Vysya Bank to the BSE, the proposed transaction is subject to Insurance Regulatory and Development Authority (IRDA) and other relevant regulatory approvals.The transaction, on completion, will result in a one-off gain of Rs 22.9 crore for the financial year ending March 31, 2006, the release said.The bank has said that it will continue to distribute ING Vysya Life Insurance products through its network of 400 plus bank branches across India, the release added.