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Sells its entire 51.32% stake
Videocon Industries has sold its entire equity stake in Liberty Videocon General Insurance Company, an Insurance Joint Venture Company promoted by Videocon Industries and Liberty Mutual Insurance Group. The Company was holding 51.32% of the share capital of Liberty Videocon, which has been sold to the extent of 26% to Diamond Dealtrade (a DP Jindal Group Company) & the remaining 25.32% to Enam Securities.All the necessary regulatory approvals for the said sale were already received. Post the said divestment, the Company ceases to be the Indian Promoter of Liberty Videocon, and, accordingly, the name of Liberty Videocon will also change to 'Liberty General Insurance Company' or such other name as may be approved by the regulatory authorities.
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