ING Vysya Life sells 15% pie to GACL

The board of directors of ING Vysya Bank, at its meeting held on May 28 have approved the bank's sale of 14.87 per cent stake in ING Vysya Life Insurance Company to Gujarat Ambuja Cements for Rs 60.9 crore (Rs 609 million).

According to a release issued by ING Vysya Bank to the Bombay Stock Exchange, the proposed transaction is subject to Insurance Regulatory and Development Authority and other relevant regulatory approvals.

The transaction, on completion, will result in a one-off gain of Rs 22.9 crore (Rs 229 million) for the financial year ending March 31, 2006, the release said.

The bank has said that it will continue to distribute ING Vysya Life Insurance products through its network of 400 plus bank branches across India, the release added.