Religare divests 44 pc stake in insurance

Religare Enterprises (REL), a leading diversified Indian Financial services group, has divested 44 percent stake in AEGON Religare Life Insurance Company to Bennett, Coleman &Co for a consideration of Rs 971 crore.

The company said, “REL has sold its 44 percent stake in insurance joint venture (JV) to Bennett, Coleman & Co., a Times Group company and a non-promoter group entity.

The transaction is not a related party transaction.”With this transaction, Religare has exited from its Life Insurance Joint-Venture, AEGON Religare Life Insurance Company (Life Insurance JV).

The transaction was closed on December 07, 2015, following the receipt of all required regulatory approvals.

Post this transaction, the insurance JV will be named as Aegon Life Insurance.

Aegon would increase its stake in the JV company to 49 percent while BCCL would acquire the entire 44 percent from Religare.UNI JS NV AW1420

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