Future Retail rallies nearly 5% on stake sale reports

NEW DELHI: Future Retail Ltd rallied as much as 4.8 per cent in trade on Wednesday after the company said that it has sold 22.5 per cent stake in Future Generali India Life Insurance Co to Industrial Investment Trust Ltd ( IITL).

"... pursuant to receipt of the necessary approvals from governmental and regulatory authorities, namely CCI, IRDA and RBI, the said transaction has been consummated on December 17, 2013," Future Retail said in a filing to the BSE.

At 09:35 a.m.; Future Retail was trading 4.5 per cent higher at Rs 69.15. It has hit a low of Rs 67.20 and a high of Rs 69.35 in trade today.

Post completion of the transaction, Future Group continues to hold 52 per cent shares in Future Generali India Life Insurance Co (FGLICL), the filing added.

On March 8 this year, Future Retail had informed that it had entered into a share-purchase agreement with IITL to sell its 22.5 per cent shareholding in FGILICL, PTI reported.