 "Mitsui Sumitomo increased its stake in Chola MS to 40 %")
Japan-based Mitsui Sumitomo Insurance Company Ltd (MSI) has increased its stake in Cholamandalam MS General Insurance Company Ltd (Chola MS) to 40 per cent from 26 per cent. Tube Investments of India Ltd (TII), part of Murugappa Group, has diluted its stake.
Tube Investments today informed BSE that upon receipt of necessary regulatory approval, the divestment of 4,18,32,798 equity shares of the face value of Rs 10 each of Chola MS by the Company in favour of MSI, Japan, for an aggregate consideration of Rs 882.67 crore (Rs 211 per share) has been completed on March 31, 2016.
Consequently, the Company's shareholding in Chola MS stands reduced to about 60 per cent from about 74 per cent and MSI, Japan's shareholding in Chola MS has increased correspondingly from 26 per cent to 40 per cent.
Chola MS is a subsidiary of TII, with a total revenue of Rs 1,779 crore in 2014-15.
