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Videocon Industries on Wednesday said it proposes to sell its entire equity stake in Liberty Videocon General Insurance Company to Diamond Dealtrade Ltd (a DP Jindal Group Company) and Enam Securities Pvt Ltd.
In a stock exchange notice, the company said the Insurance Regulatory and Development Authority of India has accorded its approval for transfer of 51.32 per cent of the paid-up equity share capital of the general insurer to Diamond Dealtrade (26 per cent) and Enam Securities (25.32 per cent).
However, the company added that the transaction(s) are subject to various closing conditions and, accordingly the transaction has not yet concluded.
According to reports, State Bank of India is understood to have moved against Videocon Industries under the Insolvency & Bankruptcy Code (IBC).
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