Future Enterprises Ltd had agreed to sell 25% stake in its General Insurance Joint Venture, Future Generali India Insurance Company Limited (“FGIICL”) to its Joint Venture partner, Generali Participations Netherlands N. V. (“Generali”), subject to the receipt of the necessary approvals from governmental and regulatory authorities.
Pursuant to receipt of the key approvals from governmental and regulatory authorities, the said transaction has been consummated on 5th May, 2022.
Pursuant to the consummation of the transaction, the Company has sold 25% shares for a consideration of Rs. 1,266.07 crore.
Post completion of the transaction, the Company continues to hold (directly and indirectly) 24.91% shares in FGIICL.