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| Exchange Disseminated Time 07/12/2015 18:18:55 | With reference to the earlier communication dated May 12, 2015 regarding Updates - Life Insurance JV, Religare Enterprises Ltd has now informed BSE that Religare Enterprises Limited ("REL") has completed its exit from its Life Insurance Joint-Venture, AEGON Religare Life Insurance Company Limited ("Life Insurance JV").
The transaction was closed on December 07, 2015, following the receipt of all required regulatory approvals. REL has sold its stake in Life Insurance JV to Bennett, Coleman & Co. Ltd., a Times Group Company and a non-promoter group entity. The transaction is not a related party transaction. The total consideration for this transaction is Rs. 971.45 cr. For the year ended March 31, 2015, Life Insurance JV reported revenue of Rs. 803.09 cr. and its net worth as at that date was Rs. 179.15 cr. REL had 44% equity interest in Life Insurance JV and in line with the relevant Accounting Standards, 44% of the revenue and net worth is reflected in REL’s consolidated financials for FY 2014-15, translating to approximately 8.4% of consolidated revenue and approximately 2% of consolidated net worth of REL. |
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