Aditya Birla Capital exits insurance broking business; to sell its arm to Edme Services

Financial Services firm Aditya Birla Capital on Monday said it has decided to sell its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services for an undisclosed amount.

The proposed deal includes the sale of the entire 25,65,103 equity shares of Rs 10 each held by the company (along with its nominees), representing 50.002 per cent of the issued and paid-up share capital of ABIBL to Edme Services Private Limited, Aditya Birla Capital said in a regulatory filing.

The purchaser is part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund, it added.

The proposed transaction is subject to receipt of the approval of the Insurance Regulatory and Development Authority of India (Irdai), it added.

As per reasonable estimates, the proposed transaction is expected to be completed within 120 to 180 days from the execution of the share purchase agreement (SPA).

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