Star Health to raise Rs.150 crore fresh capital
City-based pure play health insurer Star Health and Allied Insurance Company plans to raise around Rs.150 crore equity this fiscal from private equity (PE) funds while targeting a premium income of Rs.1,000 crore, a top company official said Tuesday.
"We need around Rs.100-150 crore as our growth is good. We are in talks with investors who are interested to invest," V. Jagannathan, chairman-cum-managing director, told reporters here while launching two new policies.
He said none of the existing shareholders are exiting and the new capital could be raised by fresh issue.
The dilution will be around 6-8 percent.
Star Health has a paid up capital of Rs.278 crore.
Asked about tapping the public for funds, Jagannathan said: "We are waiting for the guidelines from SEBI (Securities and Exchange Board of India) and IRDA (Insurance Regulatory and Development Authority)."
According to him, the company is targeting a premium income of Rs.1,000 crore this fiscal.
He said for the first time in the Indian non-life industry, Star Health is introducing a value-added service for its policy holders by maintaining the personal health records in electronic format.
"Policy holders can access their health records from anywhere in the world," he said.
The company launched two new policies Star Comprehensive and Star Family Delite.
Star Comprehensive is designed to ensure health insurance cover for the entire family offering hospitalization benefits without any sub-limits for various heads of expense.
Star Family Delite offers optimum protection for a family at an affordable premium rate.