Diversified financial services firm Religare Enterprises Ltd entered into a definitive agreement with a consortium of investors led by private equity firm True North Managers LLP to sell its entire 80% stake in Religare Health Insurance Co to True North. The stake sale will be subject to necessary regulatory approvals.
The deal, which still needs regulatory approvals, values the Religare Health Insurance at Rs 13 billion. The move is part of Religare's strategy to consolidate and focus on its core business of financial services. Dalmia Group is also one of the investors and part of the consortium.
Luthra & Luthra represented Religare as the lead counsel and Cyril Amarchand Mangaldas assisted Religare on the diligence-related aspects of the deal; DSK Legal acted for True North; and Khaitan & Co advised Dalmia Group.
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