IRDAI approves Kedaara's acquisition of stake in Religare Health Insurance Company Ltd

Religare Enterprises Limited ("the Company") had earlier announced proposal for entering into the definitive agreements (Share Subscription and Share Purchase Agreement and Shareholders Agreement) by the Company with M/s. Kedaara Capital Fund II LLP and M/s. Trishikhar Ventures LLP (jointly referred as 'Kedaara') for divestment of part of investment of the Company in Religare Health Insurance Company Limited ('RHICL'), a subsidiary company of the Company to Kedaara and for primary capital infusion in RHICL by Kedaara.

The Insurance Regulatory and Development Authority of India ("IRDAI") has on April 16, 2020 approved the proposal of aforesaid divestment / investment in RHICL subject to the conditions contained in the approval.

The transaction is subject to fulfillment of other conditions precedents also and the Company will inform the Exchanges once the transaction is completed.

Shares of RELIGARE ENTERPRISES LTD. was last trading in BSE at Rs.29.1 as compared to the previous close of Rs. 27.75. The total number of shares traded during the day was 18935 in over 102 trades.

The stock hit an intraday high of Rs. 29.1 and intraday low of 28.5. The net turnover during the day was Rs. 548709.

Source : Equity Bulls

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