Future Group sells 25% stake in FGIICL to JV partner Generali for Rs 1,266 crore

Debt-ridden Future Group on Thursday said it has completed the sale of its 25 per cent equity in Future Generali India Insurance Company Ltd (FGIICL) to its JV partner Generali for Rs 1,266.07 crore as part of its asset monetisation plans to pair debts.

After receiving mandatory approvals from the government and key regulators, the sale of a 25 per cent share took place on Thursday, a regulatory filing by Future Enterprises Ltd (FEL) said.

"Pursuant to receipt of the key approvals from governmental and regulatory authorities, the said transaction has been consummated on 5th May 2022. Pursuant to the consummation of the transaction, the Company has sold 25 per cent shares for a consideration of Rs 1,266.07 crore," it said. Post completion of the transaction, FEL will continue to hold directly and indirectly 24.91 per cent shares in FGIICL, the group firm said.

Earlier on January 26, 2022, FEL announced to sell its 25 per cent stake in FGIICL to Generali Participations Netherlands NV (Generali). As part of the deal, Generali has an option to buy out FEL's remaining interest in FGIICL "directly or through a nominee" at an agreed valuation, subject to applicable regulatory approvals, FEL had said earlier.