Bank of India is considering selling its 28.96% stake in Star Union Dai-ichi Life Insurance Co. Ltd. for up to 12 billion rupees, as the lender needs fresh funds to replenish its capital, the Press Trust of India reported Dec. 20, citing an unnamed source.

Star Union Dai-ichi is a life insurance joint venture, in which Japan's Dai-ichi Life Holdings Inc. owns a 45.94% stake and Union Bank of India holds the remaining 25.10%, the report said.

As of Dec. 20, US$1 was equivalent to 69.99 Indian rupees.