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IRDAI approves divestment of 51% stake in Max Bupa Health Insurance Co. to True North

Capital Market 

Max India announced that the Insurance Regulatory & Development Authority of India has approved divestment of its 51% stake in Max Bupa Health Insurance Company to the leading Private Equity firm True North.

The all-cash transaction announced in February 2019 valued Max Bupa at an enterprise value of Rs 1001 crore.

Bupa, the existing joint venture partner in Max Bupa, remains committed to the joint venture and will continue to play an active role as before through its Board positions and knowledge-exchange initiatives.

Post IRDAI approval, the transaction is now expected to be concluded within the next few weeks. All existing customer policies will continue unimpacted and all customer support channels will remain unchanged.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 04 2019. 09:38 IST