Pantaloon Retail (India) has said that it has entered into an share purchase agreement to sell its stake in insurance business.

The retail giant said that it has entered into the share purchase agreement (SPA) with Industrial Investment Trust Limited (IITL) for selling its stake in Future General India Life insurance Company Limited (FGILICL). The company will sell its 22.5 per cent in the insurance business to IITL. The Future Group, which is the parent company of Pantaloon Retail, will continue to hold 52 percent shares in FGILICL after the satek sale by pantaloons.

"Post this transaction, Future Group consisting of PRIL and Sprint Advisory Services Private Limited shall continue to hold 52 percent shares in FGILICL with the other shareholders being Participatie Maatschappij Graafschap Holland NV (which is a subsidiary of Assicuranzioni Generali S. P. A) and IITL," the company said.

Reports suggest that the company will sell its 22.5 per cent in Future Generali for more than Rs 300 crore. IITL is registered investment company listed on the BSE Limited and the National Stock Exchange of India Limited.

Pantaloon shares increased 2.28 per cent to Rs. 188.65 on the Bombay Stock Exchange (BSE).