CCI clears Sanlam's stake buy in Shriram Grp's insurance firms

India Infoline News Service | Mumbai | May 17, 2016 11:16 IST

South Africa-based financial services firm Sanlam Ltd has got fair trade regulator CCI's approval to acquire 23 percent stake each in Shriram Group's two insurance firms.

South Africa-based financial services firm Sanlam Ltd has got fair trade regulator CCI's approval to acquire 23 percent stake each in Shriram Group's two insurance firms, according to a leading financial newspaper.

The acquisition will be done through Sanlam Emerging Markets (Mauritius) a group firm of Sanlam Ltd. As per the notice filed by Sanlam Emerging Markets (SEM), it will acquire 23 percent stake each in Shriram Life Insurance Company (SLIC) and Shriram General Insurance Company (SGIC) from Shriram Capital Ltd. In this regard, the entities entered into a sale of shares agreement in February this year.

SEM is a subsidiary of Sanlam Life Insurance which in turn is a subsidiary of Sanlam Ltd. Post deal, the total shareholding of the SEM in Shriram Life Insurance and Shriram General Insurance will increase to 42.39 percent and 42.99 per ent, respectively, the watchdog said in an order last month citing notice submitted by SEM.

 

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