Industrial Investment Trust Limited to sell stake in Future Generali India Life Insurance Company Ltd

The Board of Industrial Investment Trust Limited at its meeting held today i.e. on December 06, 2021 has accorded its in-principle approval to accept the offer made by Generali Participations Netherlands N.V. vide its Letter dated December 3, 2021 to acquire the entire equity stake of the Company of 32,67,00,000 equity shares of INR 10/- each representing 16.62% of the equity share capital of Future Generali India Life Insurance Company Limited, a joint venture entity of the Company, held by and in the name of the Company, for the consideration and subject to the tern and conditions contained in the aforesaid Letter and subject to the approvals, consents, permissions, etc. (including any conditions stipulated in relation thereby) by Insurance Regulatory and Development Authority of India, Reserve Bank of India, the Registrar of companies & competition Commission of India and all other authorities, as may be applicable, and subject to approval of the members of the Company in a general meeting or by way of Postal Ballot and subject to execution of the transaction documents.

Source : Equity Bulls

Keywords

IndustrialInvestmentTrust StakeSale FutureGeneraliIndiaLifeInsurance