Care Health Insurance – Raises ₹100 Cr Through 10% Subordinated NCDs

Expert Analysis:

• Care Health Insurance, a material subsidiary of Religare Enterprises, has raised ₹100 Cr through 10,000 unsecured, subordinated NCDs carrying a 10% annual coupon.

• The 10-year debentures mature in September 2036, with a call option available to Care after five years and annually thereafter. They are scheduled to be listed on the NSE debt segment from September 22, 2026.

• As subordinated debt, the issuance can support Care’s capital and solvency position, at a time when the insurer is focused on scaling its retail health business and strengthening its balance sheet.

• Interest payments are subject to IRDAI conditions: payments can be restricted if they would push solvency below the required control level or result in/increase a net loss. Any missed interest is non-cumulative.