New Delhi [India], June 3 (ANI): Religare Group on Wednesday announced the completion of a transaction with Kedaara Group entity Trishikhar Ventures LLP for investments in its health insurance subsidiary Religare Health Insurance Company Ltd (RHICL).
The total investment made by Kedaara to acquire shares of RHICL is Rs 567.31 crore. It comprises of primary capital infusion of Rs 300 crore and Rs 267.31 crore for the purchase of RHICL shares from existing shareholders, including the purchase of 6.39 per cent stake from the company against consideration of Rs 200 crore.
Following these transactions, the shareholding of the company in RHICL now stands at 72.02 per cent on a paid up capital basis.
The transaction is expected to further the growth of the health insurance business for Religare and help RHICL to emerge as a stronger insurance player. The equity infusion is in sync with the long-term vision of the company to be future-focused, explore its full potential and accelerate growth.
"The capital infusion will help us to continue our investments in making Religare health Insurance a future-enabled organisation, committed to ensure the best customer experience," said Rashmi Saluja, Executive Chairperson of Religare Enterprises Ltd and Non-Executive Chairperson of Religare Health Insurance Company Ltd.
"It is a matter of pride that Religare has attracted a marquee investor even in such tough economic times," she said in a statement.
Religare Enterprises is a diversified financial services group offering SME loans, affordable housing loans, health insurance services and retail broking services through its subsidiaries and operating entities. As a group, Religare caters to diverse segments of the market from mass retail to affluent SMEs to mid-size corporates.
Its subsidiaries service over 11 lakh clients from over 1,275 locations having a presence in more than 400 cities. (ANI)