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Religare may sell 6-7% of its health insurance business

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MUMBAI : Religare Enterprises Ltd is in early talks with private equity (PE) investors to sell 6-7% in its subsidiary Care Health Insurance Ltd to raise as much as ₹1,200 crore, three people close to the matter said.

The talks are at an initial stage, one of the three people said on condition of anonymity. Religare is seeking very high valuations for its stake, in line with the robust performance of health insurance businesses in the country, a second person said, also declining to be named. “However, it is unlikely that they will be able to raise such a high amount." A Religare spokesperson declined to comment.

Care Health Insurance reported a 32% rise in its annual gross direct premium to ₹5,142 crore for the year ended 31 March 2023 from ₹3,881 crore a yea ago.

Additionally, the firm’s net written premium rose nearly 50% to ₹4,591 crore from ₹3,088 crore in FY22. The group sold a minority stake in the business to PE fund Kedaara Capital Investment Managers Ltd for ₹567.3 crore in 2020.

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