Finmin scanner on Future life insurance stake sale to IITL

Apr 11 2014, 15:33 IST
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IITL, headed by B Samal, is a Mumbai-based non-deposit taking non-banking financial company (NBFC); it invests in shares, debentures and bonds. IITL, headed by B Samal, is a Mumbai-based non-deposit taking non-banking financial company (NBFC); it invests in shares, debentures and bonds.
SummaryThe Future Group’s sale of a part of its stake in its life insurance venture to IITL is under a cloud.

funds through global depository receipts (GDRs) to pay for the deal. Reports say that the NBFC managed to raise R315 crore through the

GDR route.

“Since IITL is a listed and publicly traded company, the matter was referred to Sebi for examination and appropriate action at their end,” IRDA said.

In a bid to pare its debt, Future Group has been restructuring its businesses for nearly two years while also selling stakes in its retail, financial services, life insurance and general insurance businesses. Future Retail's debt as December 31 exceeded R5,000 crore.

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