Religare to sell stake in Religare Health Insurance for Rs 1,040 cr

Religare Enterprises Ltd (REL) on Sunday announced it will sell its entire 80 per cent stake in Religare Health Insurance to a consortium of investors led by private equity fund True North Managers for an estimated Rs 1,040 crore.

"The company has entered into definitive agreements with a consortium of investors led by True North Managers, an India based private equity fund, to divest its entire stake in Religare Health Insurance Company Ltd (RHI)," Religare Enterprises said in a stock exchange filing.

"This transaction values Religare Health Insurance at Rs 1,300 crore and Religare Enterprises currently has 80 per cent shareholding on a fully diluted basis in the company," it said. "The consortium of investors includes Metaffinity Pvt Ltd, Shree Nirman Ltd and Faering Capital India Evolving Fund II," it added. Religare Enterprises said the transaction marks the single largest investment in a standalone health insurance company in India.

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