New Delhi, June 12 | Religare Group has announced the completion of the transaction with Kedaara group entity, Trishikhar Ventures LLP, for investments in its health insurance subsidiary — Religare Health Insurance Company Limited (RHICL).
This transaction will 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.
Rashmi Saluja, Executive Chairperson of Religare Enterprises Limited and Non-Executive Chairperson, Religare Health Insurance Company Limited, said, “Religare Health Insurance is a customer focused company ith strong fundamentals. This equity infusion will bolster the confidence of our shareholders in the competitive strength and sound business strategy of Religare.
“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. It is a matter of pride that Religare has attracted a marquee investor even in such tough economic times.”
The total investment made by Kedaara to acquire shares of RHICL is Rs 567.31 crore which comprises of primary capital infusion of Rs 300 crore and Rs. 267.31 crore for the purchase of RHICL shares from the existing shareholders , including purchase of 6.39 per cent stake from the company against a 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, a company statement said.