SBI Life Invests in Bima Sugam India Federation

New Delhi, Dec 30 (PTI) SBI Life on Monday said its board has approved picking up of 10 per cent stake in Bima Sugam India Federation for Rs 6.6 crore.

Bima Sugam India Federation, an unlisted company, incorporated on June 18, 2024, aims to create and operate a centralised marketplace of insurance products and services.

The board in its meeting approved an aggregate investment in Bima Sugam not exceeding 10 per cent of the paid-up equity share capital of Bima Sugam, for cash, at par, subject to commensurate increase in the authorised share capital of Bima Sugam, SBI Life said in a regulatory filing.

The company will invest Rs 6.6 crore comprising 66 lakh equity shares having a face value of Rs 10 each in the equity share capital of Bima Sugam, it said.