Religare Enterprises Limited ("the Company") had earlier announced about the proposed divestment of part of the investment of the Company in Religare Health Insurance Company Limited ('RHICL'), a subsidiary of the Company, to M/s. Kedaara Capital Fund II LLP, acquiring such shares through its subsidiary M/s. Trishikhar Ventures LLP (jointly referred as 'Kedaara') and for a primary capital infusion in RHICL by Kedaara.
In this regard, the divestment of part of the investment of the Company in RHICL and infusion of primary capital in RHICL by Kedaara has been completed on June 02, 2020.
The total primary capital raised by RHICL from Kedaara is amounting Rs. 300 cr. This is in line with Kedaara's additional subscription commitments wherein they had agreed to subscribe for the additional primary capital of Rs. 100 cr. in addition to their initial commitment of subscribing to primary capital of Rs. 200 cr. in RHICL.
The total investment made by Kedaara to acquire shares of RHICL is Rs. 567.31 cr. which comprises of primary capital infusion of Rs. 300 cr. in RHICL and Rs. 267.31 cr for the purchase of RHICL shares from existing shareholders of RHICL, including purchase of 6.39% stake from the Company against a consideration of Rs. 200 cr.
Pursuant to these transactions, the shareholding of the Company in RHICL now stands at 72.02% on a paid up capital basis.
Out of the above mentioned consideration received from the divestment of stake in RHCIL, the Company has utilized Rs. 153 cr. towards the payment of the full and final settlement consideration under the Consent Agreement dated October 01, 2019 entered by the Company and its subsidiaries with Axis Bank Limited.
Shares of RELIGARE ENTERPRISES LTD. was last trading in BSE at Rs.26.55 as compared to the previous close of Rs. 25.3. The total number of shares traded during the day was 925431 in over 397 trades.
The stock hit an intraday high of Rs. 26.55 and intraday low of 25.1. The net turnover during the day was Rs. 23704982.