Tube Investments, the Murugappa Group company’s board has approved the sale of 14 percent stake in Cholamandalam MS General Insurance for Rs 882.68 crore to its Japanese JV partner, Mitsui Sumitomo Insurance Company.

The company has said in a statement that “The Board of Directors (of Tube Investments) at its meeting has approved the sale of 14 per cent shareholding in Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance for a consideration of Rs 882.67 crore.”

The transaction is subject to necessary “regulatory approvals”.

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