Sachin Bansal-led Navi Technologies will acquire DHFL General Insurance Ltd. for an undisclosed amount.
DHFL General Insurance, Wadhawan Global Capital Ltd. and Navi Technologies had entered into a share purchase agreement dated Jan. 2, 2020, for the transaction, according to a notice in a newspaper.
"The acquirer (Navi) proposes to acquire 19,00,50,000 equity shares representing 100 percent of the paid-up equity share capital of the company (DHFL General Insurance) from the seller by way of secondary transfer of shares," it added.
The notice said that DHFL General Insurance has made an application to the Insurance Regulatory and Development Authority of India, or IRDAI, seeking its approval for the proposed transaction.
It added that the proposed transaction is scheduled to be consummated after the expiry of 15 days from Jan. 8, subject to the satisfaction of certain conditions precedent, including receipt of IRDAI approval.
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