Religare Enterprises to divest stake in arm RHICL to Kedaara for Rs 200 cr

Religare Enterprises on Friday said it has entered into a pact with Kedaara Capital for divesting 6.76 per cent stake in its arm Religare Health Insurance Company (RHICL) for Rs 200 crore.

"The company has entered into the definitive agreements (share subscription and share purchase agreement and shareholders agreement)...With Kedaara Capital Fund II LLP and Trishikhar Ventures LLP (jointly referred as Kedaara ) for sale of part of the investment in Religare Health Insurance Company Ltd (RHICL), a subsidiary company for a consideration aggregating to Rs 200 crore," Religare Enterprises said in a filing to BSE.

The transaction is subject to necessary statutory and regulatory approvals and fulfilment of other conditions precedents, it said.

It further said that the primary capital infusion of Rs 200 crore in RHICL by Kedaara pursuant to the said transactions, the company "would have divested part of its investment constituting 6.761 per cent of RHICL".

Shares of Religare Enterprises were trading at Rs 45.95 apiece on the BSE in the morning trade, up 2.22 per cent from the previous close.