Future Enterprises has sold 25% stake in general insurance joint venture Future Generali India Insurance Company (FGIICL) to its partner Generali Participations Netherlands N.V. for ₹1,266.07 crore.
Following the receipt of key approvals from regulatory authorities, the transaction was consummated on May 5. After the sale, Future Enterprises continues to hold, both directly and indirectly, 24.91% shares in FGIICL, the company said in a filing on Thursday.
Following Future Enterprises announcing in January that it proposed to sell 25% stake in FGIICL to the JV partner, the City Civil Court, Bombay had on a suit filed by IDBI Trusteeship Services passed an ex parte order restraining Future Enterprises from selling the stake. The Bombay High Court had subsequently allowed an appeal by Future Enterprises and set aside the ex-parte order, the company had said in filings.