Religare Health Insurance Company Limited is a specialist health insurer engaged in the distribution & servicing of health insurance products
A consortium of investors led by PE fund True North Managers will buy Religare Health Insurance for Rs 1,040 crore. The news was confirmed on Sunday evening by the news agency PTI. Religare Health Insurance Company Limited is a specialist health insurer engaged in the distribution & servicing of health insurance products.
Religare Finvest Limited (RFL) was believed to struggling due to its non-performing financial assets leaving no other option for the parent company REL but to to raise funds for the non-banking finance arm.
“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),” Religare Enterprises Ltd (REL) said in a BSE filing today. “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,” it said further.
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Religare Health Insurance reported gross written premium of Rs 503 crore for the year ended March 31, 2016. J.P. Morgan acted as exclusive financial advisor to Religare Enterprises on this transaction. Religare is promoted by the founders of Fortis Healthcare, which owns or manages 54 healthcare facilities in India, Dubai & Mauritius; SRL Diagnostics, India’s largest diagnostics company with 306 networking laboratories, 6900 collection points and presence in Dubai, Sri Lanka & Nepal and the Fortis Healthworld chain of pharmacy and wellness stores.
The firm expertise in the spectrum of financial services, healthcare delivery and preventive health solutions, coupled with a robust distribution model, offers us a unique edge to deliver and excel in a business environment that is driven by serviceability & scale.
(with input from agency)