Religare Enterprises Limited has informed the Exchange regarding 'General Announcement'.
RELIGARE · price
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Religare Enterprises Limited's board, meeting on May 12, 2026, approved the surrender of license of MIC Insurance Web Aggregator Private Limited (MIC), a wholly owned subsidiary, leading to closure of its business operations. MIC was previously suspended in February 2025 for re-evaluation of its business model feasibility. The company clarified that MIC has nil contribution to the parent company's turnover and negligible contribution to net worth. MIC also has no outstanding liabilities to any customers or other entities. The IRDAI license surrender will not impact any customers.
The closure of MIC has no material impact on Religare's financials given its nil revenue contribution and negligible net worth impact. This is a minor administrative restructuring with no direct shareholder implications.