Shares of Aditya Birla Capital Ltd rose 4.9% on Thursday after the Competition Commission of India (CCI) approved Abu Dhabi Investment Authority (ADIA) to invest Rs 665 crore in Aditya Birla Health Insurance in exchange for a minority stake.

At the time of writing, the stock was trading 3.1% higher at Rs 121.5 on the BSE.

ADIA proposed injecting Rs 665 crore into the health insurance business in August in exchange for a 9.99% stake. The company said in a statement that the deal valued Aditya Birla Health at Rs 6,650 crore.

Vishakha Mulye, CEO of AB Capital, said: “ADIA’s investment underscores Aditya Birla Health Insurance’s strong and unique business model and the franchise we have created.”

Aditya Birla Health Insurance is a 51:49 joint venture between AB Capital and South Africa-based Momentum Metropolitan Holdings through its subsidiary Momentum Metropolitan Strategic Investments (Pty) Ltd.