Birla Sun Life Insurance raises capital
By Our Banking Bureau | 21 Mar 2002
The
fresh capital will be used to increase the pace of its
growth on national distribution and new products infrastructure.
Birla Sun Life currently has 12 branches in nine cities
and is expected to double this
in the next fiscal and possibly expand it into other cities
as well, says Birla Sun Life associate director (business
development) Anjana Grewal.
The joint venture
partners, as per their share-holding pattern, will share
the increase of Rs 30 crore. Under this pattern the Aditya
Birla
group contributes 74 per cent and Sun Life Financial 26
per cent, in keeping with IRDA regulations.