Trishikhar Ventures LLP, arm of Kedaara group entity, has acquired shares of Religare Health Insurance Company Limited (RHICL) from Religare Group for Rs 567.31 crore. The total investment made by Kedaara group comprises primary capital infusion of Rs 300 crore and Rs 267.31 crore for the purchase of RHICL shares from existing shareholders.
The investment firm bought 6.39 per cent stake from the company against a consideration of Rs 200 crore which is part of the Rs 267.31 crore stake purchase.
Post the transaction, the shareholding of tReligare Group in RHICL now stands at 72.02 per cent on a paid up capital basis.
Through this transaction, the company is hoping the health insurance business of Religare group will grow. It aspires RHICL to emerge as a stronger insurance player, post this agreement. “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 custome- 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.”
