SBI Life Acquires 10% Stake in Bima Sugam India Federation. Banking & Finance | Dated: 06 Jan 2025 In December 2024, Mumbai (Maharashtra)-based SBI Life Insurance Company Limited (SBI Life) acquired a 10% stake in Mumbai-based Bima Sugam India Federation. 🎯 Key Highlights: - The investment, amounting to Rs. 6.6 crore, involved the purchase of 66 lakh equity shares with a face value of Rs. 10 each. 💡 Other Important Facts: (i) The Board of Directors of SBI Life Insurance approved an aggregate investment in Bima Sugam, not exceeding 10% of its paid-up equity share capital. (ii) Bima Sugam India Federation is an unlisted company, established on June 18, 2024, and is supported by the Insurance Regulatory and Development Authority of India (IRDAI). (iii) In November 2024, ICICI Lombard General Insurance Company approved an investment of Rs. 5 crore in Bima Sugam. 📚 Test Your Knowledge: What percentage of stake did SBI Life acquire in Bima Sugam India Federation recently? Correct Answer: 10% 🚀 Quick Recap: