SBI in focus after board OKs stake sale in insurance unit

State Bank of India (SBI) announced before trading hours today, 31 March 2015, that the Executive Committee of the Central Board (ECCB) yesterday, 30 March 2015, authorised divestment of SBI’s stake in SBI Life Insurance Company by upto 10%.

Ashok Leyland after market hours yesterday, 30 March 2015, said that the company has divested its entire stake of 100% ownership interest held in Avia Ashok Leyland Motors s.r.o. to a strategic investor as part of restructuring of investment in subsidiaries. The transaction has resulted in the cash realization of $10.96 million to the company, Ashok Leyland said. The relevant agreements to this effect have been signed and closing of the deal has been completed. Consequent to the above, Avia Ashok Leyland Motors s.r.o. has ceased to be a wholly-owned subsidiary of the company with immediate effect.