Time to reset economy

Get App

Time to reset economy

you are here: HomeNewsBusiness
Last Updated : Dec 13, 2019 07:54 PM IST | Source: PTI

CCI approves stake buy in SBI General Insurance by Napean Opportunities, Honey Wheat

The transaction involves acquisition of 16.01 per cent paid-up share capital of SBI General Insurance by Napean Opportunities and 9.99 per cent by Honey Wheat Investment Ltd, the CCI said in two separate statements.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The Competition Commission of India (CCI) on December 13 said it has approved acquisition of shares in SBI General Insurance by Napean Opportunities LLP and Honey Wheat.

The transaction involves acquisition of 16.01 per cent paid-up share capital of SBI General Insurance by Napean Opportunities and 9.99 per cent by Honey Wheat Investment Ltd, the CCI said in two separate statements.

State-owned State Bank of India (SBI) in October said its joint venture partner IAG would sell entire 26 per cent stake in its subsidiary SBI General Insurance to Napean Opportunities and WP Honey Wheat for an undisclosed amount.

Close

The country's largest lender and Insurance Australia Group (IAG) held 70 per cent and 26 per cent, respectively, in SBI General Insurance.

"The agreements have been reached with Napean Opportunities LLP (an affiliate of Premji Invest) to acquire a 16.01 per cent interest and WP Honey Wheat Investment Ltd (Warburg Pincus Group) to acquire a 9.99 per cent interest," SBI had said.

The Competition Commission of India (CCI) has also approved Sanaka Growth SPV I Ltd's investment in Edelweiss Securities Ltd (ESL).

"The proposed combination relates to investment by Sanaka in ESL and Edelweiss Global Investment Advisory Business (EGIA) subsidiaries of up to INR equivalent to USD 44 million," the CCI said in another release.

Sanaka's principal activity is that of investment holding and related activities with the objective to achieve long-term capital appreciation, it added.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Dec 13, 2019 07:48 pm
Sections
Follow us on