AIG to acquire stake in Weizmann Homes Ltd from Weizmann Ltd

Weizmann Ltd has announced that the Board of Directors has decided to sell its investments in the subsidiary Company Weizmann Homes Ltd (WHL) through transfer of its Equity stake of about 56.41% inclusive of about 4% net acquired during the year from Associate Companies to AIG Capital India Pvt Ltd (AIGCI), an indirect wholly owned subsidiary of American International Group, Inc., U.S.A., and to this effect, an Agreement has been signed with transaction closing subject to Customary conditions, including the obtaining of requisite regulatory approvals by the parties. Simultaneous to the Company transferring its equity stake in WHL, other Equity Shareholders of WHL too would be effecting transfer of share, to AIGCI, such that upon closing AIGCI would own 100% of WHL. The Equity Sale would be an all cash deal.

American International Group Inc (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG Companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG Companies are leading providers of retirement services, financial services and asset management around the world.

Source : Equity Bulls

Keywords