Bank of India looks to divest insurance JV stake for $160 million

State-owned Bank of India on Friday offered to sell a 25 per cent stake in its joint venture company with Union Bank of India and Japan's Dai-ichi Life Holdings Inc for up to Rs 11.06 billion ($159.87 million).

BoI is looking to sell 64.9 million shares, or 25.02 per cent stake, in Star Union Dai-ichi Life Insurance Co Ltd at a floor price of Rs 170.50 per share, it said in a filing.

BoI has a 28.96 per cent stake in the joint venture while Union Bank of India and Dai-ichi Life own 25.10 per cent and 45.94 per cent, respectively.