Update on Approval received from Insurance Regulatory Authority of India to dispose of 5,25,000 Equity Shares held by the company in Swastika Insurance Broking Services Limited.
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Swastika Investmart Ltd has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to sell 5,25,000 equity shares, which is 70% of its shareholding, in its subsidiary Swastika Insurance Broking Services Limited. The buyer is Mr. Sachin Malik, promoter of 1Click Global Private Limited. The IRDAI approval came via letter dated 07th May 2025. This is a continuation of an earlier corporate announcement made on 01st October 2024 about the proposed disposal. The company has stated it will complete the share transfer within the timeline set by IRDAI and follow all the conditions mentioned in the approval letter.
This move lets Swastika Investmart fully exit the insurance broking business through its subsidiary and refocus on its main investment services. Since the company itself described this subsidiary as not material, the financial impact on the parent company is expected to be limited, and shareholders are unlikely to see a major change in the stock's value from this transaction alone.