Future Retail (formerly known as Pantaloon Retail (India)) (FRL) has received an approval for SPA entered with Industrial Investment Trust (IITL). The company has received the necessary approvals from governmental and regulatory authorities, namely CCI, IRDA and RBI. Post completion of the transaction, Future Group continues to hold 52% shares in FGLICL with the other shareholders being Participatie Maatschappij Graafschap Holland NV and IITL.
Earlier in March this year, the company had entered into share purchase agreement (SPA) with IITL to sell its part holding in Future General India Life insurance Company (FGILICL) representing 22.5% of the equity share capital of FGILICL.
IITL is an investment company duly registered as a non-banking financial company with the Reserve Bank of India (RBI) and is listed on the BSE and the National Stock Exchange of India.
