India, June 10 -- The Government of India has issued a release:
The Competition Commission of India (CCI) has approved acquisition of certain shareholding in Shriram Life Insurance Company Limited by Sanlam Emerging Markets (Mauritius) Ltd.
The proposed combination envisages acquisition of 2.80% of the expanded equity capital of Shriram Life Insurance Company Limited (SLIC) through a preferential issue by Sanlam Emerging Markets (Mauritius) Ltd. (SEMM).
SEMM, incorporated in Mauritius, is a part of Sanlam Group of South Africa. It is a strategic partner of Shriram Group and has investment in India in various Shriram Group entities.
SLIC is a life insurance company, registered with IRDAI and engaged in the business of effecting contracts...