Aditya Birla Capital has introduced that it has acquired approval from the IRDAI for the sale of a 9.99% stake in Aditya Birla Health Insurance (ABHI).
The insurance regulator has accredited Abu Dhabi Investment Authority’s INR6.65bn ($81m) injection of funds into the standalone health insurer.
In September 2022, the Competition Commission of India (CCI) accredited the funding in the stake by Abu Dhabi Investment Authority which is likely one of the world’s largest sovereign wealth funds.
AB Capital added that the deal is conditional on the completion of the closing circumstances listed in the definitive agreements, in addition to the problem and allotment of fairness shares by ABHI to the Abu Dhabi investor.
The health insurer is a 51:49 three way partnership between AB Capital and South Africa-based Momentum Metropolitan Holdings by way of the latter’s subsidiary Momentum Metropolitan Strategic Investments. ABHI was included in 2015 and commenced operations in October 2016.
