Indiabulls Housing sells 100 pc stake in Indiabulls Life

Indiabulls Housing Finance today said it has sold its entire shareholding in Indiabulls Life Insurance Company for a cash consideration of Rs 5 lakh to SORIL Holdings and Ventures.

The company has sold its 100 per cent shareholding in 'Indiabulls Life Insurance Company Limited', presently a non- operational company with no business or license, to SORIL Holdings and Ventures Limited ('SHVL'), at face value for an aggregate cash consideration of Rs 5 lac, Indiabulls Housing Finance Ltd said in a BSE filing.

This transaction between the company and the SHVL, being related parties, is at arms' length, it added.