Ageas, a European insaurance major, will acquire a 40 per cent in Royal Sundaram General Insurance (Royal Sundaram) for Rs 15.2 billion. In India, Ageas is present through IDBI Federal Insurance.
Currently, Sundaram Finance holds 75.90 per cent in Royal Sundaram and seeks to divest 25.90 per cent, retaining 50 per cent of its holding after the transaction. Some of the existing Indian shareholders would hold the remaining 10 per cent in Royal Sundaram. The transaction is subject to certain conditions, including the approval of the Insurance Regulatory and Development Authority of ...
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