Aditya Birla Nuvo (ABNL) which is a part of the Aditya Birla Group has said that Sun Life Financial will be increasing its stake in the Birla Sun Life Insurance (BSLI) to 49 percent from the current 26 percent at an investment of Rs 1,664 crore.

ABNL will be continuing to hold 51 percent controlling stake in the insurance company.

According to the ABNL’s agreement with Sun Life, the company will sell around 437 million equity shares that constitutes 23 percent of the issued and paid-up equity share capital of BSLI.

Birla Sun Life is a joint venture between Aditya Birla Nuvo Limited which is a part of the Aditya Birla Group and Sun Life the Canadian life insurance company.

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