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CCI approves deal for selling stakes in Magma General Insurance Company

Fair trade regulator CCI has cleared the proposed acquisition of majority stake in Magma HDI General Insurance Company Ltd by Sanoti Properties LLP.

Topics
Magma Fincorp | CCI | General Insurance

Press Trust of India  |  New Delhi 


Insurance
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Fair trade regulator has cleared the proposed acquisition of majority stake in Magma HDI Company Ltd by Sanoti Properties LLP.

Sanoti is into the business of development of commercial and residential real estate projects.

As per a notice filed with the Competition Commission of India (CCI), the proposed combination is being undertaken in order to ensure compliance with the mandatory regulations of the Regulatory and Development Authority of India (IRDAI).

has approved "acquisition of 55.39 per cent of the total equity share capital of Magma HDI Company Limited by Sanoti Properties LLP," according to a tweet on Wednesday.

Under the deal, Sanoti would acquire shares constituting 55.39 per cent of the total equity share capital of Magma HDI. It would also involve buying shares of Magma HDI held by certain shareholders -- Poonawalla Fincorp Ltd and Serum Institute of India Pvt Ltd.

Transactions beyond certain thresholds require the approval of .

In another tweet, the regulator said it has approved the acquisition of majority stake in SMW Ispat Pvt Ltd by OFB Tech Pvt Ltd.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, May 18 2022. 21:24 IST

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