Royal Sundaram sells 40% stake to Belgium’s Ageas Insurance for $208m

Private insurance company Royal Sundaram General Insurance Ltd announced Wednesday the sale of 40% stake to Ageas Insurance NV of Belgium for Rs1,520 crore. Currently Sundaram Finance Ltd holds 75.9% in Royal Sundaram and proposes to divest 25.9%, thereby retaining 50% of its holding, post the divestment. Some other existing Indian shareholders will hold the balance 10% in Royal Sundaram. The transaction is expected to close in the first quarter of 2019.