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

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.

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

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"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).

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"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.

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The Insurance Regulatory and Development Authority (IRDA) has said that Third Party Administrators (TPAs) in health insurance will now have to confine their services only to an insurance company.

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

Source-Medindia

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