SBI Life picks up 10% stake in Bima Sugam India Federation

New Delhi: SBI Life on Monday said its board has approved picking up of 10 per cent stake in Bima Sugam India Federation for ₹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 ₹6.6 crore comprising 66 lakh equity shares having a face value of ₹10 each in the equity share capital of Bima Sugam, it said.