Future Enterprises Ltd. has sold shares in its general insurance joint venture to its partner.
The company has sold a 25% stake in Future Generali India Insurance Co. to Generali Participations Netherlands NV for Rs 1,266.07 crore, according to an exchange filing.
The deal, agreed in January, was completed on May 5 pursuant to receipt of all necessary approvals. Future Enterprises holds 24.91% directly and indirectly in the general insurance business after the sale.
This, however, makes Generali Participations the controlling shareholder of Future Generali India Insurance with a 74% shareholding.
Future Generali India reported a gross premium underwritten of Rs 4,138 crore in FY22, 8% higher than the preceding fiscal. It enjoys a market share of 1.88% as of March 2022.
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