Vysya Bank has offloaded 29 per cent of its 49 per cent stake in ING-Vysya Life Insurance Company to the GMR Group.
Sources close to the deal said GMR has picked up the additional stake from Vysya Bank which had announced its decision to decrease its stake in the insurance joint venture from 49 per cent to 20 per cent.
With this change in equity structure, GMR Group now holds 54 per cent stake, and the Netherlands-based ING has 26 per cent, while ING Vysya Bank has 20 per cent in the venture.
The venture had earlier announced an agreement with shareholders to increase its capital base by Rs 30 crore to Rs 140 crore, which is expected to lead to increase in the shareholding of GMR.
ING said the proceeds of the capital will be used to fund further business development as part of the national expansion of ING Vysya Life Insurance in India.
