India's SKS Microfinance Ltd. Thursday said it will sell a stake to Bajaj Allianz Life Insurance Co. for INR500 million.

SKS Microfinance - an unlisted non-banking financial company - said the investment will help improve its capital adequacy ratio.

It didn't say what the size of the stake would be.

Bajaj Allianz Life is a joint venture between Germany's Allianz SE (ALV.XE) and Bajaj Finserv Ltd. (532978.BY)

-By Ameya Karve, Dow Jones Newswires; +91-22-6145-6121; ameyaanil.karve@dowjones.com