Religare Enterprises To Sell RHI, Stock Up 1.5%

Religare Enterprises, majorly engaged in broking and financial advisory, is set to sell its stake in Religare Health Insurance (RHI) to prospective investors. The stock of Religare jumped as much as 1.5% at 221.55 levels, and made a high at 230 levels in intraday trade.

The company will sell its complete stake for consideration of Rs 1040 crore, led by True North Managers, a private equity fund; and a financial advisor, J.P. Morgan. 

The total transaction value of Religare Health Insurance is Rs 1300 crore and Religare Enterprises holds 80% stake ( 89.99% as on March 2016). Other investors are Union Bank of India and Corporation Bank that hold 5% each in the company. 

Religare Health Insurance accounted for 4.43% of consolidated net assets of Religare Enterprises, and contributed to a robust 165.43% of the consolidated profit of the company for the year ended March 2016. It also reported gross written premium of Rs 503 crore for March 2016.
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About Suhani Varma