
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.
Veteran Hindi cinema actor Manoj Kumar has merged into the five elements. 'Bharat Kumar' was crem
Pakistan has China's open support for terrorism. For this reason, he puts a stop to the inclusion
Many areas of North India including Delhi are troubled by the scorching heat. The mercury is touc
Today is an important day for about 50 thousand people of Haldwani in Uttarakhand. A hearing will
In India, people typically retire from work at 60, but by 83, talk of retiring from life begins.
A trade war is going on between America and China, but along with this, a small trade war is also
Retail Inflation Data: There has been a jump in retail inflation for the second consecutive month
The Research Designs and Standards Organization (RDSO) of Indian Railways has started preparation
305 new cases of corona infection were reported in Delhi, infection rate reached 0.41 percent
In the national capital, 305 people have been infected with corona and 44 patients have died in t
Shimla Masjid Case: The dispute over Sanjauli Masjid in Shimla, the capital of Himachal Pradesh,