Also approves sale of 11,000 shares held in Jaguar Advisory Services
The Board of Poonawalla Fincorp at its meeting held on 02 November 2021 has accepted the binding offer from Sanoti Properties LLP for the purposes of approving a structure in compliance with the IRDAI requirements and has accordingly inter alia approved sale of 45,362,281 equity shares of Magma HDI General Insurance Company, Insurance Joint Venture ('Magma HDI') held by the Company to Sanoti Properties LLP, having Adar Poonawalla and Serum Institute of India as its partners, or such other entity of the Poonawalla group as identified by the Promoters, subject to such entity being entitled to being a Promoter of an insurance company under applicable norms and subject to shareholders and relevant regulatory approvals.The Company has also executed a binding letter with Celica Developers ('Celica'), one of the Promoter of the Company for the sale of 11,000 equity shares of Jaguar Advisory Services held by the Company to Celica or an entity nominated by Celica subject to shareholders and relevant regulatory approvals.
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