Sunday, April 9, 2017

Religare Enterprises to sell its stake from Religare Health Insurance for Rs 1,040 crore

Religare Enterprises to sell its entire 80 per cent stake in Religare Health Insurance to True North Managers for an estimated Rs 1,040 crore. Religare Enterprises Ltd (REL) said, The company has entered into definitive agreements with a consortium of investors led by True North Managers, an India based private equity fund, to divest its entire stake in Religare Health Insurance Company Ltd (RHI).

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This transaction values Religare Health Insurance at Rs 1,300 crore and Religare Enterprises currently has 80 per cent shareholding on a fully diluted basis in the company.

Union Bank of India and Corporation Bank also hold 5 per cent stake each in RHI.

Religare Enterprises Group CEO Maninder Singh said: This sale is a continuation of REL's strategy to consolidate and focus on its core businesses. We are confident that RHI will continue on its high growth trajectory under the new ownership.


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