Central Bank of India acquires 24.91% in Future Generali India Insurance Company
The Bank is venturing into the insurance sector. FGIICL is an established player in its industry which is available for acquisition at a reasonable valuation.
New Delhi: Shares of Central Bank of India are in focus as the bank stated that it has acquired equity stake of 24.91% of Future Generali India Insurance Company Limited (FGIICL) pursuant to receipt of Letter of Intent dated 20th August, 2024 under Regulation 29 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The Bank is venturing into the insurance sector. FGIICL is an established player in its industry which is available for acquisition at a reasonable valuation.
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The Acquisition has taken approval of Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI) in this regard.
The acquisition took place around costing of Rs 451 Crores.
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Generali is the largest shareholder in Future Generali India Insurance Company Limited with a stake of 74.00%.
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