Religare Enterprises Ltd (Religare) on Tuesday said it has decided to sell its 44 percent stake in Aegon Religare Life Insurance Company Ltd to Bennett Coleman and Company Ltd (BCCL), one of the joint venture partners.
In a regulatory filing in the BSE, Religare said it has reached a definitive agreement with BCCL which will acquire its stake in the life insurance joint venture.
Aegon Religare Life Insurance is a three way joint venture between Religare (44 percent), BCCL (30 percent stake) and Aegon (26 percent).
According to Religare, Aegon would increase its stakes in the life insurer from 26 percent to 49 percent.
This transaction is subject to necessary and appropriate regulatory approvals of Insurance Regulatory and Development Authority of India, the Competition Commission of India and the Foreign Investment Promotion Board.