Future Enterprises to sell 50% stake in insurance biz, say sources; stock zooms 15%

Future Enterprises plans to sell 50% stake in insurance company Future Generali, sources privy to the development told CNBC-TV18. There are currently said to be three players in line to buy stake in Future Generali General Insurance.

The debt of Kishore Biyani-led Future Enterprises is expected to halve post the stake sale in the insurance business. The total debt of the company stands nearly at Rs 4,200 crore. The company declined to comment on CNBC-TV18's query on the stake sale.

Post the newsbreak, share price of Future Enterprises shot up around 15% to levels of Rs 33 per share.