Religare Awaits IRDA Nod to Launch Health Insurance Products, to Issue Non Convertible Debentures on Sept 9

by Lakshmi Gopal on  September 8, 2011 at 9:40 PM Health Insurance News
RSS Email Print This Page Comment bookmark
Font : A-A+

Religare Finvest, a subsidiary of Religare Group, said yesterday that it is awaiting final approval from the Insurance Regulatory Development Authority (IRDA) to launch health insurance products.
 Religare Awaits IRDA Nod to Launch Health Insurance Products, to Issue Non Convertible Debentures on Sept 9
Religare Awaits IRDA Nod to Launch Health Insurance Products, to Issue Non Convertible Debentures on Sept 9

The company has already obtained approval for entering into the health insurance business.

"We are already present in the health insurance (business). We are waiting for the final approval from IRDA for launching the products," Religare FinvestChief Operating Officer Pankaj Bhansali told reporters here today.

The company is already present in the health care industry under the brand name 'Fortis'. It also lends to small and medium entities through Religare Finvest, apart from other group entities, he said.

Bhansali added that Religare Finvest has proposed to raise Rs 800 crore through the issue of non-convertible debentures (NCDs).

"The issue opens on September 9 and closes on September 26. This is the first time we are raising funds through retail and also for NRIs (Non-Resident Indians)," he said.

The funds raised through the issue would be utilised for various activities, including lending and investments, and for capital expenditure and working capital requirements, he said.

The lead managers to the issue are A K Capital Services, Axis Bank, YES Bank and Religare Capital Markets Ltd.

Source: Medindia

Post a Comment

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
Notify me when reply is posted
I agree to the terms and conditions

Related Links

More News on:

Health Insurance Plan Third Party Administrators for Health Insurance Star Health and Allied Insurance Health Insurance Policies offered by Bajaj Allianz Insurance ICICI Lombard General Insurance Company Limited Health Insurance Health Insurance - Ombudsman Health Insurance - Basics New India Assurance Policies Cholamandalam Health Insurance Policies 

News A - Z

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

News Search

Medindia Newsletters

Subscribe to our Free Newsletters!

Terms & Conditions and Privacy Policy.

Find a Doctor

Stay Connected

  • Available on the Android Market
  • Available on the App Store

News Category

News Archive

Loading...