Mumbai, Maharashtra -- (SBWire) -- 03/07/2010 -- The promoters of AEGON Religare Life Insurance have infused an additional capital of Rs 85 crore into the capital base of the Company. This enhances the Company's total capital to Rs 550 crore as of February 1, 2010. The capital infused in this fiscal year is at Rs 250 crore, including this latest infusion. This has been done to support building of distribution as part of AEGON Religare Life Insurance’s growth strategy for the financial year 2009-2010.
The additional infusion is as per the current IRDA guidelines and is in the ratio of 44:26:30 between Religare, AEGON and Bennett, Coleman & Company Limited, respectively.
The company has managed to attract over 50,000 customers since starting operations in July 2008. AEGON Religare Life Insurance has a suite of products that are amongst the best and most competitively priced in the industry.
AEGON Religare Life Insurance is the coming together of AEGON, one of the world’s largest life insurance and pension groups and Religare, one of India’s leading integrated financial services groups.
AEGON’s businesses serve over 40 million customers in over 20 markets throughout the Americas, Europe and Asia, with major operations in the United States, the Netherlands and the United Kingdom. With headquarters in The Hague, the Netherlands, AEGON companies employ almost 30,000 people worldwide. The company’s common shares are listed on four stock exchanges: Amsterdam, London, New York and Tokyo. It manages EUR 342 billion in revenue generating investments. AEGON has more than 160 years of experience with its roots going back to 1844. It holds 26% equity in our company. http://www.aegon.com
A diversified financial services group with a pan-India and international presence, Religare Enterprises Limited (REL) offers a range of products and services, including asset management, life insurance, wealth management, equity and commodity broking, investment banking, lending services, private equity and venture capital. REL operates from 7 domestic regional offices, 43 sub-regional offices, and has a presence in 498 cities controlling 1,837 business locations all over India as on June 2009. REL acquired UK-based Hichens, Harrison & Co. in 2008 which was subsequently re-named as Religare Hichens Harrison PLC (RHH). With the addition of RHH the REL group now operates out of multiple global locations (the UK, the USA, Brazil, South Africa, Dubai and Singapore). http://www.religare.in
Disclaimer
Religare Enterprises Limited (“REL”) proposes, subject to receipt of requisite approvals, market conditions and other considerations, to make a rights issue of its equity shares to its existing shareholders and has filed a letter of offer (“LOF”) with the Bombay Stock Exchange Limited (“BSE”), the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”) and the Securities and Exchange Board of India (“SEBI”). The LOF is available on the websites of the Stock Exchanges and SEBI at http://www.bseindia.com, http://www.nseindia.com and http://www.sebi.gov.in, respectively, as well as on the website of the lead manager at http://www.enam.com. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the section titled “Risk Factors” of the LOF.
For further information, contact:
Rahul Varshneya
AEGON Religare Life Insurance
rahul.varshneya@aegonreligare.com
+91 9820901634
AEGON Religare Life Insurance (ARLI) Infuses Additional Capital of Rs 85 Crore
AEGON Religare Life Insurance have infused an additional capital of Rs 85 crore into the capital base of the Company.