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Indian News

Magma Fincorp to sell stake in insurance venture Magma HDI in Rs 525-cr deal

Following the latest Rs 525 crore-transaction, the Poonawalla Group will become the main promoter with around 30 per cent direct and indirect stake in Magma HDI while HDI will be the single largest shareholder with 17.1 per cent stake. HDI’s remaining stake will be offloaded through a secondary sale.

ICICI Venture will become the third largest shareholder with 16.7 per cent in Magma HDI.

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Have to take quick and decisive steps to stop the second peak of coronavirus cases in the country: PM Modi

In a virtual interaction with state chief ministers over the pandemic situation and the ongoing vaccination drive, Modi said in states like Maharashtra, Punjab and Madhya Pradesh the number of COVID cases has seen a rise while nearly 70 districts in the country have have seen an increase in the positivity rate by over 150 per cent of late.

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Nirmala Sitharaman introduces Bill in Rajya Sabha to allow 74% FDI in insurance sector

Sitharaman presenting the Union Budget for 2021-22 had said, “I propose to amend the Insurance Act, 1938 to increase the permissible FDI limit from 49 percent to 74 percent in insurance companies and allow foreign ownership and control with safeguards.”

Under the new structure, the majority of directors on the board and key management persons would be resident Indians, with at least 50 percent of directors being independent directors, and specified percentage of profits being retained as a general reserve.

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