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Industrial Investment Trust Ltd (IITL) on Sunday said it will sell its entire 16.62 per cent equity shareholding in Future Generali India Life Insurance Company Ltd (FGILICL) for ₹225 crore to Generali Participations Netherlands N.V.
Generali Participations Netherlands N.V is one of the joint venture partners of FGILICL.
The transaction is expected to be completed on or before June 30, 2022, and subject to approvals of the regulatory authorities by the terms of the share purchase agreement and joint venture agreement, IITL said in an exchange filing.
The said transaction is subject to the approvals, consents, permissions and/or sanctions of, inter-alia, 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 required and subject to the approval of the Members of the Company.
IITL is registered with the Reserve Bank of India (RBI) as a Non-Deposit taking Non- Banking Financial Company (NBFC). It is a ‘Systemically Important Non-Deposit taking NBFC’.
IITL is primarily a holding company, holding investments in its subsidiaries and other group Companies and joint ventures.
The company’s activities comprise investment in equity shares listed as well as unlisted units of mutual funds, fixed deposits with Banks, Inter-Corporate Deposits and Loans to its Group Companies /entities.
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