Zuari Global Limited has acquired 100% shares of Zuari Insurance Brokers Limited (ZIBL) from Zuari Finserv, a wholly-owned subsidiary of the company. The company has acquired 27.50 lakh shares of face value of Rs10 each in the paid up share capital of ZIBL for Rs7.89cr.
The acquisition is proposed to be completed within 60 days from the date of execution of Share Purchase Agreement.
“ZIBL will carry out the business of distribution of mutual fund products, insurance broking research activities in the insurance sector,” company said in a regulatory filing on Friday.
At around 1.02 pm, Zuari Global Ltd was trading at Rs63.05 per piece up by Rs0.15 or 0.24% from its previous closing of Rs62.90 on the BSE.
The scrip opened at Rs63.80 on Monday and has touched a high and low of Rs64 and Rs62 respectively.