Sachin Bansal-led Navi Technologies to buy DHFL General Insurance

Sachin Bansal-led Navi Technologies will acquire DHFL General Insurance Ltd (DHFLGI) for an undisclosed amount.

DHFLGI, Wadhawan Global Capital Ltd and Navi Technologies had entered into a share purchase agreement dated January 2, 2020 for the transaction, according to a notice in a newspaper.

"...the acquirer (Navi) proposes to acquire 19,00,50,000 equity shares representing 100 per cent of the paid-up equity share capital of the company (DHFLGI) from the seller by way of secondary transfer of shares," it added.

The notice said DHFLGI has made an application to the Insurance Regulatory and Development Authority of India (IRDAI) seeking its approval for the proposed transaction.

It added that the proposed transaction is scheduled to be consummated after the expiry of 15 days from January 8, subject to the satisfaction of certain conditions precedent, including receipt of IRDAI approval.