New Delhi, Dec 30 (PTI) SBI Life on Monday said its board has approved picking up of 10 per cent stake in Bima Sugam India Federation for Rs 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.

Also Read | What Are H-1B Visa New Rules? What Changes Have Been Made in Form I-129? Here's All You Need To Know.

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 Rs 6.6 crore comprising 66 lakh equity shares having a face value of Rs 10 each in the equity share capital of Bima Sugam, it said.

Also Read | What Is the Generation Beta? Who Will Be Gen Beta's Parents? All About the Successors to Gen Alpha and Gen Z, Set To Arrive in 2025.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)