German reinsurance firm Munich Re is buying an additional 23.27% stake in Apollo Munich Health Insurance from its joint venture partner, the Apollo HospitalsBSE 1.20 % Group, for Rs 163 crore. The transaction values the company at Rs 703 crore. The purchase will raise Munich Re’s stake in the joint venture to 48.75%. Apollo Hospitals will own 51.1% and the remaining will be with the employees. The transaction is subject to regulatory approvals and is expected to close by the second quarter of 2016-17. Read more at: http://economictimes.indiatimes.com/articleshow/50734599.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Source: Economic TimesMunich Re to buy additional 23.27% stake in Apollo Munich Health Insurance for Rs 163 crore.
Industry: Insurance 2016-01-27