Star Health Insurance plans US$470m stake saleAugust 7 2017 by InsuranceAsia News Staff
Indian insurer Star Health and Allied Insurance is reportedly planning to raise up to Rs30 billion (US$470 million) in funding through primary and secondary stake sales.
The plan has not been officially announced by the insurer, but sources said Star Health Insurance has already appointed a domestic investment bank to advise on fundraising options, including an IPO in the near future.
The sources added that the funds will be use to meet the insurer’s growing capital base and for working capital requirements.
Star Health Insurance is a joint venture between ICICI Ventures, Sequoia Capital, Tata Capital Growth Fund, Alpha TC Holdings and Oman Insurance Company.
Indian shareholders own more than 60% stake in the company.
Star Health Insurance commenced its operations in 2006 with business interests in health insurance, overseas mediclaim policies and personal accident.
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The Hong Kong-listed insurer co-led the funding round in a Tencent-backed Chinese online healthcare solutions platform.
- May 2
True North and its global sponsors have made a rumoured US$400m bid for a 40% stake.
- April 30
The Swiss insurer may opt to comply with 30% local ownership rule through an initial public offering.
- April 20
The rumoured sale is estimated by some analysts to be worth at least US$1 billion but remains unconfirmed.