Religare Enterprises gains on buying out MIC Insurance Web Aggregator

MIC has become a wholly-owned subsidiary of the company. MIC Insurance Web Aggregator is an IRDAI registered insurance web aggregator.

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Shares of Religare Enterprises gained 1 percent in early trades on December 11, after the company announced the acquisition of a 100 percent equity stake in MIC Insurance Web Aggregator. At 10:30am, the stock was trading at Rs 220.45.

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In a regulatory filing on December 11, Religare Enterprises said that the company has completed the acquisition of a 100 percent equity stake in MIC Insurance Web Aggregator, from IGEAR Holdings of The Indian Express Group. Accordingly, MIC has become a wholly owned subsidiary of the company. MIC Insurance Web Aggregator is an IRDAI-registered insurance web aggregator.

Also read: Religare Enterprises refutes allegations against Rashmi Saluja, investors book profit post rally

In the last six months, the stocks of Religare Enterprises has gained over 35.54 percent. In Q2FY24, Religare Enterprises reported net sales of Rs 1,584.39 crore, a 36.06 percent gain from Rs 1,164.48 crore in September 2022.

On the other hand, the quarterly net profit fell to Rs 15.05 crore in September 2023, down 50.54 percent from Rs 30.43 crore a year back. EBITDA for the same period stood at Rs 102.57 crore in September 2023 – up 55.13 percent from Rs 66.12 crore in September 2022.

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