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April 9,20L7
The National Stock Exchange of India Ltd.
Corporate Communications Department
"Exchange Plaza", 5th Floor,
Bandra-Kurla Complex, Bandra [East),
Mumbai - 400051
Scrip Symbol: RELIGARE EQ
BSE Limited
Corporate Services Department
Phi r oze|e ej eebh oy T owers
Dalal Street, Mumbai - 400 001
Scrip Code: 532915
Sub: Updates -True North to acquire Religare Health Insurance
Dear Sir(s),
We would like to inform you that the Company has entered in to definitive agreements with a
consortium of investors led by True North Managers, an India based private equity Fund
[formerly known as India Value Fund Advisors), to divest its entire stake in Religare Health
Insurance Company Limited (RHI). The transaction is subject to necessary regulatory and other
approvals.
Details as required in terms of Regulation 30 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations) are attached herewith as Annexure-1.
Press release issued in this regard is attached herewith as Annexure-2
For Religare Enterprises Limited
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Mohit Maheshwari
Company Secretary
Rel igare Enterprises Lim ited
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Annexure-1
Details in terms of Regulation 30 of SEBI (Listing obligations and Disclosure Requirements)
Regulations, 2015 (Listing Regulations)
Sr.
No
Particulars
The amount and Percentage
turnover or revenue or income
worth contributed bY such unit or
of the listed entity during the last
year;
of the
and net
division
financial
Description
Religare Health Insurance Company Limited
[RHI) reported a revenue of Rs. 32,162.64
Lakhs in FY 201,5-16 and its net worth as at
March 31, 2016 was Rs. 1.7 ,104.04 Lakhs
translating to approximately 5,650/a of
consolidated revenue and approximately
4.430/o of consolidated net worth of the
Company for the year ended/as at March 31,
201,6,
2
3
Date on which the agreement for sale has I April 9,2017
been entered into;
Expected date of completion is 2na half of the
I f ne date of completion of sale/disposal
calendar year 201,7
i,i"t{'lll{-j;
4
5
6
Consideration received from such
sale/disposal
Brief details of buyers and whether any of
the buyers belong to the Prom oter f
promoter group/group companies. If yes,
details thereof
Whether the transaction would fall within
related party transactions? If yes, whether
the same is done at "arms length";
Value of the company is expected to be
Rs.I,300 Crs
The consortium of investors includes
Metaffinity Private Limited (owned and
controlled by India Value Fund V LLP), Shree
Nirman Limited [a PuneetDalmia Group
Company) and Faering Capital India Evolving
Fund II
The buyer is not related to the promoter/
promoter group lgroup comPanies
The transaction does not fall within related
party transactions
7
Additionally, in case of a slump sale, I N.A
indicative disclosures provided for
amalgamationlmerger, shall be disclosed
by the listed entity with respect to such
slump sale
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PRESS RELEASE
True Northto acquireReligare Health Insurance
- Single largest investment ever in the history of health insurance industry in India
Annexure-2
New Delhi/Mumbai, April 9, 2017:Religare Enterprises Limited ["REL") has entered into a
definitive agreement with a consortium of investors led by True North (formerly India Value Fund)
to buy our its entire stake in Religare Health Insurance Company Limited (RHI).The consortium
includes domestic investors such as Mr. Gaurav Dalmia and Faering Capital, This transaction
values RHIatlNR 1,300 crores and REL currently has c.B0% shareholding on a fully diluted basis in
RHI. The transaction marks the single largest investment in a standalone health insurance company
in India. The transaction is subject to necessary regulatory approvals.
Since commercial launch in July 2012, RHI has repofted steady progress and emerged as a leading
standalone health insurer in India, The business reported a Gross Written Premium (GWPJ of Rs.
503 crores for the year ended March 31.,20t5.
Commenting on the transactionVikramNirula, Partner of True North said, "We have been closely
evaluating the health insurance space and have been impressed by the quality of RHI's management
team and business. We believe that RHI would be an excellent platform for building an enduring
health insurance franchise in India,"
Vishal Nevatia,Managing Partner of True North said, "We are delighted to add RHI to True
North's portfolio of financial services businesses and look forward to supporting the RHI
management team in building the most admired health insurance business in India."
Mr. Maninder Singh, Group CEO, Religare Enterprises Ltd.said, "We are confident that RHI will
continue on its high growth trajectory under the new ownership. This sale is a continuation of REL's
strategy to consolidate and focus on its core businesses"
Mr. Anui Gulati, CEO & MD, Religare Health Insurance Company Limitedsaid, "We shall
continue to deliver best in class health insurance products and services to our customers and
partners, and remain committed to our core objective of - 'building an institution that is relevant
Lven beyond a hundred years', We sincerely appreciate the faith reposed in us over the years by our
founding promoters and are equally thankful for the belief that the new shareholders have vested
in us."
J.P. Morgan acted as the exclusive financial advisor to Religare Enterprises Limited on this
transaction.
About Religare Enterprises Limited
Religare Enterprises Limited (RELJ is the holding company for one of India's leading diversified
financial services groups. REL offers an integrated suite of financial services through its underlying
subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health
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PRESS RELEASE
lnsurance and Capital Markets.RELis listed on the Bombay Stock Exchange [BSEJ and National
Stock Exchange [NSE) in India.
As a group, Religare caters to almost every segment of the market from mass retail to affluent, HNIs,
UHNIs, mid-size corporates, SMEs to large coiporates and institutions. With over 7,000 employees,
the group has a presence across more than 1,450 Iocations pan India' For more details visit:
htto ://www.religare'com
About True North
True North (formerly known as India Value Fund Advisors - IVFA) was established in 1999 with a
focus on investing in and transforming mid-sized profitable businesses into world-class indusffy
leaders, built onlhe strong foundation of True North Values which are embodied within the
principles of 'The Right WaY'.
True North has built deep knowledge and skills in the Indian markets and has successfully launched
five separate investmenf funds with a combined corpus of over US$ 2 billion. True North's insights
and understanding of India has been sharpened over the last 17 years by investing over US$ 1
billion in more than 30 Indian businesses.lihas successfully guided these companies in making the
transition into well-established and large businesses that are valuable, enduring and socially
responsible.
The True North team has been structured with a balanced mix of 9 Investment and 16 Business
Managers, who bring with them several hundred man-years of industry experience to achieve the
above objective. For more details visit: http: //wvrrw.truenorthco.in/
About Faering Capital
Faering Capital is an Indian private equity firm founded by Aditya Parekh and Sameer Shroff in
2009. The firm currently manages two private equity funds that aim to capitalize on investment
opportunities generateainrougfr broad-based consumption-led growth in India by investing in high
qrrtity compinies and becoming a collaborative partner in their growth journey. RHI is
iaeringCapital's nineteenth investment overall and ninth in the financial services industry,
For media enquiries, please contact:
For Religare EnterPrises Ltd:
Subhranlshu Neogi (Director Brand & Group Marketing), subhrangshu.neogi@religare.com
+9199L0993925.Tina Pawar f Concept PR tina@conceptpr.com +91' 9867109877
For True Northr
AkhilaNatarajan I E: akhila,natraian@pitchforkpartners,com I M: +919821689525
Dipti Agarwai I e : dipti.agarwal@pitchforkpartners.com I M: +91 9967378705
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Rel igare Enterprises Limited
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