Latest news with #InsolvencyResolutionProcess
Hans India
06-06-2025
- Business
- Hans India
Central Bank forays into insurance biz
New Delhi: State-owned Central Bank of India on Thursday said it acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process. With the acquisition of 65,43,80,439 shares on Wednesday (June 4), the bank has ventured into the insurance sector, Central Bank of India said in a regulatory filing. At present, Central Bank of India has 25.28 per cent stake in FGILICL, which had earned a gross written premium of Rs 1,810.53 crore in FY24. The CCI has also approved a 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) through a bid/resolution plan submitted by Central Bank of India under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. FGILICL offers savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans, and group insurance plans. In August last year, Central Bank of India announced that it emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance ventures. Future has a presence in more than 1,300 owned and partnered locations in India and offers total insurance solutions across both individual and group fronts. Generali is the largest shareholder in Future Generali India Life Insurance Company Ltd with a stake of 73.99 per cent.
Indian Express
05-06-2025
- Business
- Indian Express
Central Bank buys stakes in Future Generali life, non-life ventures
Government-owned Central Bank of India on Thursday acquired stakes in two insurance ventures of Future Generali group in India. The bank has acquired a 24.91 per cent stake in non-life firm Future Generali India Insurance Company for Rs 451 crore. It also bought a 25.18 per cent stake in Future Generali India Life Insurance Company Ltd (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process. Generali of Italy is the largest shareholder in both the companies with stakes of close to 74 per cent. The acquisition has been cleared by the Competition Commission of India, the RBI and the IRDAI. The acquisition was made through a bid/resolution plan submitted by Central Bank of India under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. In August last year, Central Bank of India announced that it emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance ventures. The Mumbai-based bank had said it has been declared the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of Future Enterprises Ltd (FEL) in both life and non-life ventures. Future Enterprises owned a 25 per cent stake in Future Generali India Insurance and a 33 per cent stake in Future Generali Life Insurance. The company has a presence in more than 1,300 owned and partnered locations in India and offers total insurance solutions across both individual and group fronts. Future Generali's life and general insurance arms were set up in 2006 as joint ventures between Future Enterprises Ltd (FEL) and the Generali Group, with the latter holding nearly 74 per cent shareholding in each company. The non-life firm, which provides personal insurance, commercial insurance, social and rural insurance reported a gross written premium was Rs 4,910.9 crore in FY24 as compared to Rs 4,546.23 crore in FY23. The life insurance arm sells savings insurance, investment plans (unit-linked insurance plans or ULIPs), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans. The gross written premium of the life firm was Rs 1,810.53 crore in FY24 as compared to Rs 1,758.01 crore in FY23.
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Business Standard
05-06-2025
- Business
- Business Standard
Central Bank of India acquires 24.91% stake in FGIICL for ₹451 crore
The bank's strategic acquisition of 350.63 million shares in Future Generali India Insurance marks its entry into the general insurance sector New Delhi Central Bank of India has acquired a 24.91 per cent equity stake in Future Generali India Insurance Company Limited (FGIICL) for ₹451 crore. The acquisition involves the purchase of 350.63 million equity shares in cash and was completed on June 4. The move follows the issuance of a Letter of Intent dated August 20, 2024, under Regulation 29 of the Insolvency Resolution Process for Corporate Persons (IBBI) Regulations, 2016. The transaction was finalised after receiving all requisite regulatory approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI), and the Insurance Regulatory and Development Authority of India (Irdai). FGIICL performance and ownership This strategic acquisition marks Central Bank of India's entry into the general insurance sector. FGIICL reported a gross direct premium of ₹4,910.89 crore in the financial year 2023–24, providing the bank with a significant platform for expansion. Future Generali India Insurance, incorporated in 2006 and headquartered in Mumbai, operates over 150 offices nationwide. It is engaged in providing general insurance services across retail, commercial, personal, and rural segments to both individuals and corporate clients. Generali currently holds a 74 per cent stake in the company. Steady premium growth Over the past three financial years, FGIICL has posted consistent growth in its gross written premium. In FY24, the figure reached ₹4,910.89 crore, an 8 per cent rise from ₹4,546.23 crore in FY23. The previous year had also seen similar growth, increasing from ₹4,210.35 crore in FY22. This represents a steady annual growth of around 8 per cent for two consecutive years. As of 2022, the company served over 3,900 corporate clients through a network of more than 36,800 individual agents and operated over 150 branches across India. The disclosure was made in accordance with Regulation 30 of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Mint
02-06-2025
- Business
- Mint
IBBI notifies amendments to streamline corporate insolvency process
New Delhi, Jun 2 (PTI) The IBBI has notified amendments to the regulations governing corporate insolvency, aiming to streamline procedures, protect creditor interests, and encourage greater investor participation in resolution processes. The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency Resolution Process for Corporate Persons Fourth Amendment regulations, 2025 on May 26, according to a release. Among the significant change introduced is a provision for allowing resolution professionals with the Committee of Creditor's (CoC) approval, to invite expressions of interest not only for the entire corporate debtor but also for individual assets or a combination of both. By enabling concurrent invitations, the resolution process can reduce timelines, prevent value erosion in viable segments, and encourage broader investor participation, IBBI said. The regulations also revise the framework for payments under resolution plans executed in stages. In such cases, financial creditors who did not support the resolution plan will now receive payments at least on a pro rata basis and ahead of those who voted in favour. The Board said this approach balances the legitimate rights of dissenting creditors with the practical constraints of phased implementation. In another notable amendment, the CoC has been empowered to direct resolution professionals to invite the interim finance providers to attend its meetings as observers without voting rights. As per IBBI, this measure is aimed to provide interim finance providers with a better understanding of the corporate debtor's operational status, thereby enabling them to make well-informed decisions regarding funding requirements. The amended norms also mandate the resolution professionals to present all received plans, including non-compliant ones to the CoC along with relevant details, it said.
The Hindu
31-05-2025
- Business
- The Hindu
IBBI amends regulations to further streamline corporate insolvency resolution process
The Insolvency & Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2025 that aim to further streamline and strengthen corporate insolvency resolution process. As per the amended regulations notified on May 26, which come into effect immediately, the resolution professional — with the nod of Committee of Creditors (CoC) — can invite expression of interest for submission of resolution plans for a company under insolvency process either as a whole, or for sale of one or more of assets of the company, or for both. By enabling concurrent invitations, the resolution process will see reduced timelines, prevent value erosion in viable segments, and encourage broader investor participation, IBBI said. Where a resolution plan will provide for payment in stages, the financial creditors who did not vote in favour of the resolution plan shall be paid at least pro rata and in priority over financial creditors who voted in favour of the plan, in each stage. This approach balances the legitimate rights of dissenting creditors with the practical constraints of phased implementations, it said. Resolution professionals are now required to present all resolution plans received, including those that are non-compliant, to the CoC along with relevant details. CoC has been empowered to direct the resolution professional to invite the providers of interim finance to attend CoC meetings as observers without voting rights, IBBI said.
