Ageas to acquire 40% stake in Royal Sundaram for Rs 15.2 billion

Royal Sundaram is one of the top 10 players in the general insurance market with strong positions in motor and health insurance

Ageas will acquire 40 per cent of the share capital of Royal Sundaram General Insurance Co. Limited (Royal Sundaram) for Rs 15.2 billion.

Currently, Sundaram Finance Ltd holds 75.90 per cent in Royal Sundaram and seeks to divest 25.90 per cent, retaining 50 per cent of its holding after the transaction. Some of the existing Indian shareholders would hold the remaining 10 per cent in Royal Sundaram. 

The transaction is subject to certain conditions to close including the approval of the Insurance Regulatory and Development Authority of India (IRDAI) and other Regulators. The transaction is expected to close in the