The Progressive Insurance Group (PIG) has raised more than Rs 1.1 crore through the sale of an 80 per cent stake in its Indian business.

The deal was struck during the company’s annual general meeting in Bengaluru on Thursday.

“The deal was done in good faith and is not subject to the regulatory approval process.

The company is not yet in a position to report the cash-out of the asset, which is being used for its own benefit,” the group said in a statement.

“In line with the company ethos, PIG is committed to delivering the best insurance for its customers and employees,” it added.

The firm has been in the market for a while, and its stake in the firm, Bharat Sun Pharmaceuticals, is valued at Rs 6.8 crore.