Latest News | CCI Clears Bank of Baroda's Additional Stake Buy in IndiaFirst Life Insurance
Get latest articles and stories on Latest News at LatestLY. Competition Commission of India (CCI) has cleared Bank of Baroda's proposed acquisition of a 21 per cent stake in IndiaFirst Life Insurance. The transaction involves the Bank's acquisition of 21 per cent shareholding of IndiaFirst Life Insurance Company Ltd (IFLIC) from Union Bank of India.
New Delhi, Sep 30 (PTI) Competition Commission of India (CCI) has cleared Bank of Baroda's proposed acquisition of a 21 per cent stake in IndiaFirst Life Insurance. The transaction involves the Bank's acquisition of 21 per cent shareholding of IndiaFirst Life Insurance Company Ltd (IFLIC) from Union Bank of India.
According to an update on the CCI website, the deal has been approved.
Also Read | 5G in India: Case Studies by Reliance Jio, Airtel and Vodafone Idea To Be Unveiled by PM Narendra Modi.
Post the transaction, the shareholding pattern of IFLIC is such that 65 per cent will be held by the Bank of Baroda, 9 per cent will be held by Union Bank of India and 26 per cent is held by Carmel Point Investments Pvt Ltd, owned by private equity funds managed by Warburg Pincus LLC.
Deals beyond certain thresholds require approval from CCI, which keeps a tab on anti-competitive practices.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)