Bank of India (BOI) has said it has sold 18 per cent stake in Star Union Dai-ichi Life Insurance Company to joint venture partner Dai-ichi Life Insurance Company (DILIC). Post the stake sale, BoI's stake will get diluted to 30 per cent while that of Japanese life insurer Dai-ichi Life will go up to 44 percent, according to the bank's stock exchange filing. Union Bank of India, the third joint venture partner, continues to hold 26 per cent stake in Star Union Dai-ichi (SUD) Life Insurance Company, which was incorporated as a three-way JV in 2007. BOI, however, did not disclose the sale value in its stock exchange filing. DILIC, in a separate statement, said: "As a result of deliberation to increase the shareholding, following the deregulation of foreign ownership limit which came into effect in March 2015, the company has reached an agreement on purchasing additional 18 per cent stake in SUD from BOI (approximately Rs 540 crore), and increasing its ownership in SUD to 44 per cent."