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CCI approves acquisition of shares of Future Generali India Life Insurance Company Limited by Generali Participations Netherlands N.V
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....CI approves acquisition of shares of Future Generali India Life Insurance Company Limited by Generali Participations Netherlands N.V <br>News and Press Release<br>Dated:- 24-1-2022<br><BR>The Competition Commission of India (CCI) approves acquisition of shares of Future Generali India Life Insurance Company Limited (FGLIC) by Generali Participations Netherlands N.V (GPN), pursuant to which GPN's s....
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....hareholding in FGLIC will stand increased from 49% to upto approx. 71%. The Proposed Acquisition relates to an increase in shareholding of an existing shareholder, i.e., Generali Participations Netherlands N.V. (GPN/Acquirer) in Future Generali India Life Insurance Company Limited (FGLIC/Target). GPN proposes to increase its equity shares of FGLIC, in tranches, pursuant to which GPN's aggregate s....
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....hareholding in FGLIC will stand increased from 49% to upto approx. 71% in the following steps: * by subscribing to equity shares of FGLIC, to be issued by FGLIC through a preferential allotment (First Tranche); * by purchasing all of Industrial Investment Trusts Limited's (IITL) shareholding of FGLIC (Second Tranche). IITL will completely exit FGLIC and will cease to be shareholder of FGLI....
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....C.; and * by subscribing to equity shares of FGLIC, to be issued by FGLIC through a preferential allotment (Third Tranche) GPN is a wholly-owned subsidiary of Assicurazioni Generali S.p.A (Generali Group), the ultimate parent entity of the Generali group of companies. The Generali Group is a global insurance provider and is present in the Indian life insurance industry in India through FGLIC. G....
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....PN in engaged in the provision of life insurance services in India through FGLIC. FGLIC is a life insurance company engaged in the provision of life insurance services/products in India. FGLIC provides simplified solutions for the financial security of customers, to deliver relevant and accessible insurance solutions Detailed order of the CCI will follow.<BR> News - Press release - PIB....