Religare Sells 80% Stake in Health Insurance Arm to True North, Others

Religare Enterprises Ltd on Sunday announced the sale of its 80% stake in Religare Health Insurance Co. Ltd (RHI) to a group of investors led by True North.

In a statement, Religare Enterprises said it has entered into a definitive agreement with the investors for the sale, which values the insurance firm at Rs1,300 crore. The deal will fetch Religare approximately Rs1,040 crore.

Apart from True North (earlier known as India Value Fund Advisors), other investors in the consortium are Aditya Parekh and Sameer Shroff-led private equity firm Faering Capital, and Gaurav Dalmia.

The transaction is subject to necessary regulatory approvals. American investment bank J.P. Morgan acted as the exclusive financial adviser to Religare Enterprises.