Shares of Kishore Biyani's Future Retail surged 5 per cent in early trade on Bombay Stock Exchange (BSE) after the company sold 22.5 per cent stake in life insurance firm Future Generali India Life Insurance to Mumbai-based non-banking finance company Industrial Investment Trust Ltd (IITL).
"Pursuant to receipt of the necessary approvals from governmental and regulatory authorities, namely CCI, IRDA and RBI, the company has sold 22.5 per cent of the equity share capital of FGLICL to IITL on December 17, 2013," Future Retail said in a filing to Bombay Stock Exchange.
Cheering the news, shares of company gained as much as 4.98 per cent to trade at Rs 69.45 a piece on the BSE.
In a similar fashion, shares of the company climbed 3.63 per cent 68.50 a piece on National Stock Exchange. Meanwhile, the broader benchmark Sensex was quoting at 20,722.65, up 110.01 points or 0.54 per cent at 10:05 hours.
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