“The proposed combination envisages acquisition of 2.80 per cent of the expanded equity capital of Shriram Life Insurance Company Ltd (SLIC) through a preferential issue by Sanlam Emerging Markets (Mauritius) Ltd (SEMM),” the regulator said in a release.
New Delhi: Fair trade regulator CCI on Tuesday approved South Africa-based Sanlam Group’s proposal to acquire a stake in Shriram Life Insurance Company Ltd.
“The proposed combination envisages acquisition of 2.80 per cent of the expanded equity capital of Shriram Life Insurance Company Ltd (SLIC) through a preferential issue by Sanlam Emerging Markets (Mauritius) Ltd (SEMM),” the regulator said in a release.
SEMM, incorporated in Mauritius, is a part of Sanlam Group of South Africa.
IRDAI-registered SLIC is engaged in the business of effecting contracts of insurance upon human life, develop and market a variety of products in the life insurance business, unit-linked life insurance products, and any other activity within the ambit of provisions of Insurance Act, 1938.
The Competition Commission of India (CCI) said it has granted its nod for the proposed deal.
“CCI approves acquisition of certain shareholding in Shriram Life Insurance Company Limited by Sanlam Emerging Markets (Mauritius) Ltd,” the regulator said in a post on X.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.