4 Dec 2009 07:00
Letter to RNS
LISTING AGREEMENT: CLAUSE 36
UPDATION- SBI GENERAL INSURANCE COMPANY LTD.
JOINT VENTURE WITH INSURANCE AUSTRALIA GROUP LTD. (IAG)
In terms of Clause 36 of the Listing Agreements, we advise as under:
" In terms of the Joint Venture Agreement signed by State Bank of India with Insurance Australia Group (IAG) on November 24, 2008 for its General Insurance subsidiary, SBI has made an investment of Rs. 111 Crores towards the 74% share of the equity capital of SBI General Insurance Company Ltd. IAG International Pty. Ltd. a subsidiary of Insurance Australia Group Ltd. (IAG), has made an investment of Rs.542.10 crores (including share premium) towards 26% share of the equity capital of SBI General Insurance Company Ltd. The subsidiary is expected to commence commercial operations in the first half of the calendar year 2010 subject to final approvals from Insurance Regulatory and Development Authority."
Letter from State Bank of India
State Bk.in.gdr (SBID)