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Indiabulls to take stake in insurance with SG: Report

Indiabulls to take stake in insurance with SG: Report
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First Published: Fri, Sep 26 2008. 10 54 AM IST
Updated: Fri, Sep 26 2008. 10 54 AM IST
Mumbai: Indiabulls Financial Services said a group firm would take 24.5% stake in an insurance joint venture with Societe Generale instead of the founders of the firm to meet regulatory norms.
Indiabulls Securities Ltd would now subscribe to the 24.5% stake in the JV called Indiabulls Life Insurance Co, it said in a statement on Thursday.
After the subscription Indiabulls Financial would own 49.5% and Socgen 26%, it said.
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First Published: Fri, Sep 26 2008. 10 54 AM IST