Religare Enterprises buys out MIC Insurance Web Aggregator

11 Dec 2023 , 02:04 AM

Religare Enterprises said in a regulatory filing on December 11 that it has finalised the acquisition of a 100% ownership stake in MIC Insurance Web Aggregator from IGEAR Holdings of The Indian Express Group. As a result, MIC is now a fully owned subsidiary of the company.

Religare Enterprises’ stock has increased by more than 35.54% in the previous six months. Religare Enterprises reported net sales of Rs 1,584.39 crore in Q2FY24, a 36.06% increase from Rs 1,164.48 crore in September 2022.

However, the quarterly net profit plummeted to Rs 15.05 crore in September 2023, down 50.54% from Rs 30.43 crore the previous year. In September 2023, EBITDA was Rs 102.57 crore, up 55.13% from Rs 66.12 crore in September 2022.

At around 1.42 PM, Religare Enterprises was trading 0.14% lower at Rs 218.15, against the previous close of Rs 218.45 on NSE.

During the day, the counter surged as much as 1% to an intraday high of Rs 222.45.

For feedback and suggestions, write to us at [e-mail]