Birla Sun Life Insurance raises capital

Mumbai: Birla Sun Life Insurance has augmented its capital to Rs 150 crore from Rs 120 crore. Its joint venture partners - the Aditya Birla group and Sun Life Financial - have infused the additional capital of Rs 30 crore.

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.