Chennai, Feb 18 (IANS) City-based Sundaram Finance Ltd will acquire 26 percent stake held by Britain's RSA Group in Royal Sundaram Alliance Insurance for Rs.450 crore, the company said Wednesday.
In a statement issued here Sundaram Finance said the entities - Sundaram Finance and RSA Group - have reached an agreement whereby the RSA would sell its 26 percent holding in the Royal Sundaram Alliance to Sundaram Finance for Rs.450 crore.
The overall enterprise value for the Rs.1,437-crore premium general insurer works out to around Rs.1731 crore.
In its statement RSA Group said it expects to receive cash consideration of approximately 46 million euros ($52.4 million), and the transaction is expected to result in a gain on sale of approximately 16 million euros ($18.2 million).
The non-banking finance company (NBFC) Sundaram Finance holds 49.90 percent in the Royal Sundaram Alliance, a general insurance company.
Following the acquisition, Sundaram Finance's holding in the Royal Sundaram Alliance would go up to 75.90 percent.
The rest will be held by the associates of Sundaram Finance.
"RSA Group had recently undertaken a review of their businesses globally and decided to exit non-core markets, of which India is one. While we are sorry to part company with them, we recognise that this is part of their larger global portfolio strategy," T.T. Srinivasaraghavan, managing director, Sundaram Finance was quoted as saying in the statement.
The pace of coronavirus vaccination is increasing rapidly in India. Meanwhile, the President of t
64 US Companies in Aero India 2015
Bengaluru, Feb 18 (IANS) As many as 64 US companies including Lockheed Martin, Boeing, Honeywel
Elliott dedicates victory to New Zealand fans
Auckland, March 24 (IANS) Johannesburg-born New Zealand batsman Grant Elliott dedicated his tea
Locals in Bangladesh's Pirojpur district protest against construction being carried out by a Chin
Sunrisers Hyderabad defeated Rajasthan Royals by 8 wickets on Thursday night in IPL-13. After the
Delhi Chief Minister Arvind Kejriwal may consider the excise policy scam as a fraud, but the way
There are two good and one bad news for the country. The bad news is that the number of corona pa
Motorola Edge S launched with 6 cameras, will compete with Redmi 10X
Smartphone manufacturer Motorola has made a great comeback. In the year 2020, the company launche
Russia's corona vaccine Sputnik V will now be available in 9 more cities of the country. This inf
Farmers interests vis-a-vis corporates fully protected: Modi
New Delhi, March 22 (IANS) Prime Minister Narendra Modi on Sunday assured farmers that their in