Religare Enterprises: Updates on Life Insurance

Religare Enterprises has reached a definitive agreement with Bennett, Coleman and Company (BCCL) to acquire Religare's shareholding in the JV Company. Aegon would increase its stake in the JV Company to 49% while BCCL would acquire the entire 44% from Religare.

With reference to the earlier announcement dated September 25, 2014, wherein the Company had informed about Religare Enterprises Limited's (Religare's) intent to exit the life insurance joint venture, Aegon Religare Life Insurance Company Limited ("JV Company"). The existing joint venture is between Religare, Bennett, Coleman and Company (BCCL) and Aegon. Religare holds 44% equity in the JV, Religare Enterprises Ltd has now informed BSE that Religare has reached a definitive agreement with BCCL to acquire Religare's shareholding in the JV Company. Aegon would increase its stake in the JV Company to 49% while BCCL would acquire the entire 44% from Religare. This transaction is subject to necessary and appropriate regulatory approvals of CCI, FIPB and IRDA.Source : BSE