Religare Group, today 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.
Congratulating the teams of Kedaara and Religare, Dr. 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 with 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 cr. which comprises of primary capital infusion of Rs. 300 cr. and Rs. 267.31 cr for the purchase of RHICL shares from existing shareholders, including purchase of 6.39% stake from the Company against a consideration of Rs. 200 cr. Following these transactions, the shareholding of the Company in RHICL now stands at 72.02% on a paid up capital basis.
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.