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    AB Capital shares up nearly 5% after CCI approves health insurance business stake sell

    AB Capital shares up nearly 5% after CCI approves health insurance business stake sell

    AB Capital shares up nearly 5% after CCI approves health insurance business stake sell
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    By CNBCTV18.com  IST (Updated)

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    After CCI approved the investment of Rs 665 crore by Abu Dhabi Investment Authority (ADIA) in Aditya Birla Health Insurance in exchange for a minority stake, AB Capital stock was trading 3.1 percent higher at Rs 121.5 on BSE at the time of writing. 

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    Shares of Aditya Birla Capital Ltd jumped 4.9 percent on Thursday after the Competition Commission of India (CCI) approved the investment of Rs 665 crore by Abu Dhabi Investment Authority (ADIA) in Aditya Birla Health Insurance in exchange for a minority stake.
    The stock was trading 3.1 percent higher at Rs 121.5 on BSE at the time of writing.
    ADIA had proposed the capital infusion of Rs 665 crore in the health insurance business in exchange for 9.99 percent equity in August. The company said in a statement that the transaction valued Aditya Birla Health at Rs 6,650 crore.
    "An investment from ADIA underscores the strong and unique business model of Aditya Birla Health Insurance and the franchise we have created," Vishakha Mulye, chief executive of AB Capital, had then said.
    Aditya Birla Health Insurance is a 51:49 joint venture between AB Capital and South Africa-based Momentum Metropolitan Holdings via its subsidiary Momentum Metropolitan Strategic Investments (Pty) Ltd.
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