July 15, 2022 (MLN): Finnish Fund for Industrial Cooperation Limited (Finnfund), a private limited company incorporated in Finland, has made an investment in TPL Insurance Limited (TPLI), by acquiring 17.59% of the company’s stake, the company’s filing on bourse showed today.
TPLI is a subsidiary of TPL Corp Limited.
While Finnfund is a major development financier and impact investor, investing in responsible and profitable businesses in developing countries.
To recall, in April’22, TPLI entered into a share subscription agreement and a shareholder’s agreement with the Finnfund as per which this international development financer will hold 20.64 million shares representing 14.97% of the total post-issued share capital in TPLI, on a fully diluted basis.
This foreign collaboration will enable TPLI to introduce innovative and tech-driven products, such as yield-based crop and livestock insurance, as well as women-specific insurance programs.
This is the second such investment by an impact investor following DEG's acquisition of an equity stake of 20% inTPL Insurance Limited.
TPL Insurance Limited’s technologically-driven business model supplemented by Finnfind’s global experience and knowledge shall result in enhancing its CSR footprint by introducingnew product lines.
At the time of reporting this, the stock of the company is being traded at Rs28.99, down by Rs1.79 or 5.8% from yesterday's price.
