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.
PM Narendra Modi on Saturday launched the Prime Minister Jai Health Scheme in Jammu and Kashmir.
Valentine's Day is the day of love. This day is very special for lovers. Couples spend time toget
Restricting Pakistan to 213 was perfect for Australia: Hazlewood
Adelaide, March 20 (IANS) Australian pacer Josh Hazlewood on Friday said bowling out Pakistan f
Ravi Teja is one of the most popular actors in Telugu cinema. He will soon be seen in Ravanasur.
New Delhi, March 10 (IANS) It will be a sunny Tuesday in the national capital and the maximum t
Great news for central employees! Big update about DA arrears, the gift will be given on Holi
On the occasion of Holi, the Modi government of the Center is going to give a special gift to abo
Today is Hanuman Jayanti. In North India, the full moon date of Chaitra month is celebrated as Ha
Some people participating in the Dussehra rally in the Bidar district of Karnataka barged into an
Banerjee calls for withdrawal of 'draconian' land ordinance
Kolkata, Feb 24 (IANS) West Bengal Chief Minister Mamata Banerjee Tuesday said her party Trinam
An annual report has come about inflation in the big cities of the world. According to this repor
