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Indiabulls unit to take stake in insurance JV

Thu Sep 25, 2008 8:09pm IST
 
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MUMBAI, Sept 25 (Reuters) - Indiabulls Financial Services (IBUL.BO: Quote, Profile, Research) said a group firm would take 24.5 percent stake in an insurance joint venture with Societe Generale (SOGN.PA: Quote, Profile, Research) instead of the founders of the firm to meet regulatory norms.

Indiabulls Securities Ltd (INDB.BO: Quote, Profile, Research) would now subscribe to the 24.5 percent stake in the JV called Indiabulls Life Insurance Co, it said in a statement on Thursday.

After the subscription Indiabulls Financial would own 49.5 percent and Socgen 26 percent, it said. (Reporting by Aniruddha Basu; Editing by Harish Nambiar)

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