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.
If the rules of refund fees are not followed, now the recognition of colleges will be cancelled.
There is chaos in the entire North India including Delhi due to severe heat. Amidst the scorching
India won the title by defeating New Zealand in the final of the Champions Trophy 2025. After thi
Once again a Canadian MP has stated the murder of Khalistani supporter Hardeep Singh Nijjar. A le
In many parts of the country, the rising temperature in February itself is troubling the people.
Priyanka Gandhi Vadra, Congress general secretary and in-charge of UP, suddenly reached Pitambara
Prime Minister Narendra Modi has left for Russia. Special pictures emerged from Kazan before the
Shahrukh Khan's son Aryan Khan has been in controversy ever since he was caught in the Cordelia C
Banks issue notices to Nagarjuna's studio to recover loans
Hyderabad, March 23 (IANS) Two public sector banks have issued notices to leading Telugu actor
Pakistan-Saudi connection of Kanhaiya's killers? agencies involved in the investigation
In the investigation of the brutal murder of Hindu tailor Kanhaiya Lal in Udaipur, many big revel
