RELIGARE · price
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Religare Enterprises' Board met on May 12, 2026 and approved the surrender of license and closure of MIC Insurance Web Aggregator Private Limited, a wholly owned subsidiary. MIC's operations had been suspended since February 2025 pending a feasibility review of its business model. The Board has now decided to fully shut down the subsidiary. MIC has nil contribution to the company's turnover and negligible contribution to net worth. The subsidiary has no outstanding liabilities to customers or any other parties. The IRDAI license surrender will not impact any customers.
No material impact expected on the company's financials as MIC contributed nil to turnover and has negligible net worth. This closure is a cleanup of a non-performing subsidiary.