Shares of Religare Enterprises surged over 5 per cent today after the company announced that it will sell its entire 80 per cent stake in Religare Health Insurance to a consortium of investors led by True North Managers for an estimated Rs 1,040 crore.
After making a positive opening, shares of the company further jumped 5.33 per cent to Rs 230 on BSE.
At NSE, shares of the company rose by 4.85 per cent to Rs 230.
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"The company has entered into definitive agreements with a consortium of investors led by True North Managers, an India based private equity fund, to divest its entire stake in Religare Health Insurance Company (RHI)," Religare Enterprises (REL) said in a BSE filing yesterday.
"This transaction values Religare Health Insurance at Rs 1,300 crore and Religare Enterprises currently has 80 per cent shareholding on a fully diluted basis in the company," it said further.
Religare Enterprises said the transaction marks the single largest investment in a standalone health insurance company in India.
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