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.
Perth, Feb 27 (IANS) India's pace spearhead Mohammed Shami was Friday ruled out of the cricket
If you have to deal with any work of the bank digitally, then complete it today. This is because
India defeated England by 106 runs on Monday, the fourth day of the second Test match played in V
The controversy of Lakhimpur Kheri had not even cooled down that now a similar case has come to t
The Reserve Bank of India (RBI) has reduced the growth forecast in the monetary policy review mee
Delhi: Schools opened after summer vacation, and students were seen following Covid protocol
Schools opened in Delhi on Friday after a one-and-a-half month summer vacation. During this, all
Less than six months are left for the Karnataka assembly elections, but before the elections, the
The firebrand leader of the Bharatiya Janata Party (BJP) and Union Minister Giriraj Singh have hi
Asaduddin Owaisi on the violence that took place in Gujarat during the Ram Navami procession said
Media again denied entry in Delhi Secretariat
New Delhi, Feb 17 (IANS) The Arvind Kejriwal led-government did not allow the media to enter th
