Murugappa Group firm Tube Investments of India said that it will sell 14 per cent of its stake in Cholamandalam MS General Insurance (Chola MS) for Rs882.67 crore, after securing regulatory approvals.
Cholamandalam MS is a joint venture between Tube Investments, which is part of the Murugappa Group and Mitsui Sumitomo Insurance Group of Japan.
Currently, Mitsui Sumitomo Insurance holds 26 per cent stake in Chola MS, while Tube Investments has 74 per cent. With Mitsui absorbing an additional 14 per cent stake from Tube Investments, the former's stake in the general insurance firm goes up to 40 per cent. Tube investments will thus have 60 per cent stake in the company.
Cholamandalam MS is a joint venture between Tube Investments, which is part of the Murugappa Group and Mitsui Sumitomo Insurance Group of Japan.
Currently, Mitsui Sumitomo Insurance holds 26 per cent stake in Chola MS, while Tube Investments has 74 per cent. With Mitsui absorbing an additional 14 per cent stake from Tube Investments, the former's stake in the general insurance firm goes up to 40 per cent. Tube investments will thus have 60 per cent stake in the company.
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