Financial Services firm, Aditya Birla Capital announced on Friday the completion of the stake sale of Aditya Birla Insurance Brokers to Edme Services, which is a part of Samara Capital Group and an affiliate of Samara Alternate Investment Fund.
The sale of the entire 25,65,103 equity shares of Rs 10 each, representing 50.002% of the issued and paid-up share capital, was completed for ₹252.16 crore, according to an exchange filing.
Post this transaction, ABIBL ceases to be a subsidiary of the Aditya Birla Capital and Edme Services has become a 100% shareholder of ABIBL, which will be renamed as Edme Insurance Brokers, subject to regulatory approvals
The Board of Directors of the Company, earlier in March 2023, had approved the sale of its entire stake in ABIBL. This was followed by the execution of a Share Purchase Agreement (SPA) between the Company, ABIBL, Infocyber India (which is the other shareholder of ABIBL holding 49.998% and which was subsequently amalgamated into Birla Group Holdings) and Edme Services, subject to regulatory approval, which was received in July 2024.
