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

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

18 Sept 2026

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Key Takeaways

  • The ₹100 Cr subordinated debt raise gives Care Health Insurance additional capital headroom while supporting its broader growth and solvency strategy. The key monitorables remain solvency levels, profitability and the company's ability to service the 10% coupon within IRDAI requirements.

  • The ₹100 Cr subordinated debt raise gives Care Health Insurance additional capital headroom while supporting its broader growth and solvency strategy. The key monitorables remain solvency levels, profitability and the company's ability to service the 10% coupon within IRDAI requirements.

Care Health Insurance (Religare) Unlisted Shares

Care Health Insurance (Religare)

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Expert Analysis

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.

Publisher:scanx