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Karnataka Bank will divest 8.26% stake in Universal Sompo General Insurance to Dabur Investment Corporation and Sompo Japan.
This transaction is awaiting approval from Insurance Regulatory and Development Authority of India (IRDAI). Once this transfer is completed, Karnataka Bank’s stake in the company will fall to 6% from 14.26% at present. Sompo Japan’s stake will increase to 34.61% from 28.42%, while that of Dabur Investment Corporation will go up to 12.81% from 10.74%.
Furthermore, ON Singh, Chairman of Universal Sompo stated that, the insurance company injected additional capital of Rs.100 crore at fair market value of Rs.55. The Right Issue of Rs.100 crore was subscribed only by Sompo Japan Nippokoa Insurance Inc and Dabur Investment Corporation.
