Latest news with #AdityaBirlaSunLifeInsurance
Entrepreneur
10-07-2025
- Business
- Entrepreneur
Smartworks Raises INR 174 Cr from Anchor Investors Ahead of IPO
Proceeds will be used to repay debt, fund capital expenditure, and cover general corporate expenses. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Smartworks Coworking Spaces Ltd has raised INR 174 crore from 13 anchor investors, allotting 42.7 lakh equity shares at INR 407 each ahead of its initial public offering (IPO). The largest portions of this anchor allotment were picked up by domestic institutions including Tata Mutual Fund, Axis New Opportunities AIF, Aditya Birla Sun Life Insurance, and Baroda BNP Paribas, which collectively accounted for nearly 48%. Notably, Tata Mutual Fund - Tata Small Cap Fund, Aditya Birla Sun Life Insurance, and others received the highest allocation of 11.89%, followed closely by Buoyant Opportunities Strategy-II, Sageone-Flagship Growth OE Fund, and SBI General Insurance Co., each receiving 10.89%. Founded in 2016, Smartworks offers customised, fully managed office spaces on long-term leases to enterprises. It operates in the flexible workspace segment and competes with the likes of WeWork India, Awfis, and Table Space. Smartworks transforms unused real estate into fully-equipped campuses featuring modern amenities tailored to support large corporates, multinationals, and startups alike. According to its red herring prospectus, the company currently operates 41 centers across 13 Indian cities, covering over 8 million square feet of space. In FY25, it reported a revenue of INR 1,374 crore, up from INR 1,039 crore in FY24. However, net losses widened to INR 62 crore in FY25 from INR 50 crore in FY24. The INR 583 crore IPO includes a fresh issue of INR 445 crore and an offer-for-sale of INR 137.56 crore. Proceeds will be used to repay debt, fund capital expenditure, and cover general corporate expenses. The IPO opens for public subscription from July 10 to July 14, 2025, with a price band of INR 387–INR 407 per share and a lot size of 36 shares. JM Financial, BOB Capital Markets, IIFL Securities, and Kotak Mahindra Capital are the lead managers, and Link Intime India Pvt Ltd is the registrar.
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Business Standard
02-07-2025
- Business
- Business Standard
Life Insurance Council to spend ₹160 cr yearly on awareness drive
Taking a cue from their non-life counterparts, the Life Insurance Council on Wednesday launched the next phase of its nationwide campaign Sabse Pehle Life Insurance, aimed at increasing awareness and, consequently, life insurance penetration across the country. The Council plans to spend up to Rs 160 crore annually for the next three years on this initiative. 'We have planned to spend Rs 150 crore to Rs 160 crore every year for the next three years. The contribution of companies is based on the Annualised Premium Equivalent (APE). Going forward, as the volume keeps growing, the funds available will keep increasing,' said Kamlesh Rao, managing director and chief executive officer, Aditya Birla Sun Life Insurance. 'The campaign is planned as a year-long initiative to drive behavioural change among consumers and increase awareness and penetration of life insurance solutions,' the Life Insurance Council said in a statement. Life insurance penetration declined to 2.8 per cent in FY24 from 3 per cent in FY23. The total premium of the life insurance industry grew by 6.1 per cent year-on-year (Y-o-Y) in FY24 to Rs 8.29 trillion. Of the total, new business premium stood at Rs 4.52 trillion, while renewal premium totalled Rs 3.78 trillion. However, the number of policies sold dropped 7.39 per cent Y-o-Y to 2.92 crore. 'There is still a large protection gap—even among those who already have policies—and a vast section of the population that still needs to be covered. We have a long way to go to reach 'Insurance for All' by 2047. This campaign is a major step by the Life Insurance Awareness Committee. It is a long marathon that must be run consistently over the years to make a meaningful impact,' said Swaminathan Iyer, member (life), Insurance Regulatory and Development Authority of India (Irdai).
Time of India
16-06-2025
- Business
- Time of India
RedBus appoints Livspace's Saurabh Agarwal as finance chief
Bengaluru: Online bus ticketing platform RedBus has appointed Saurabh Agarwal as its new chief financial officer . Agarwal has more than two decades of experience in financial leadership , corporate strategy and distribution planning across sectors such as healthtech, life insurance and home interiors, the company said. He began his career with Aditya Birla Sun Life Insurance, where he spent over 11 years in senior roles spanning corporate planning, finance operations and distribution strategy. In 2014, he joined the founding team at digital health platform Most recently, he served as group CFO at Livspace . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now 'Saurabh's track record in enabling high-growth businesses through strong financial acumen and building high-performing teams aligns well with our growth ambitions. As we scale across markets and product lines, his leadership will be key to shaping sound, future-focused financial strategies that power our next phase of growth," said RedBus chief executive Prakash Sangam. 'RedBus is playing a critical role in transforming a complex and fragmented sector. With its scale, category leadership, and focus on tech-led innovation, there is a strong foundation to continue building on," said Agarwal. Live Events According to RedBus, it has cumulative sales of more than 466 million bus tickets globally and a worldwide customer base of around 52 million. It is part of the MakeMyTrip group, which also includes
Time of India
22-05-2025
- Business
- Time of India
Does your life insurance policy cover death due to war, terror attacks? Now is the time to check
Does a term life insurance policy cover deaths due to war or terror attacks? Live Events Are the terms and conditions different for different life insurance policies from same insurer? Common exclusions in a life insurance policy The recent Pahalgam attack has shown that the threat to life is increasing with rising uncertainties in the world. While buying a life insurance policy , it is important to read the exclusions to ensure that your family and loved ones receive the death cover benefits easily. Earlier, most life insurance policies used to exclude deaths related to war and terror attacks from coverage. This has changed now. Many insurers have started including death due to war and terrorist attacks in their life insurance policies' Wealth online decodes the latest life insurance policy exclusions and what you need to know when buying a life insurance Wealth spoke to several insurance experts. Here's what they say:Kapil Mehta, co-founder of SecureNow, an insurance broking firm says, "In case of life insurance policies, most of them provide the death benefit in case of war and terror acts."Concurring with the view, Varun Agarwal, Head of Term Insurance at Policybazaar, says, "Most term life insurance policies in India do cover death resulting from war or terrorist acts. These events are generally not excluded, which means nominees are eligible for the death benefit in such unfortunate circumstances. However, it's always advisable to check the specific policy wording or consult the insurer for clarity."Anil Kumar Singh, Chief Actuarial Officer, Aditya Birla Sun Life Insurance, says, "All term life insurance policies of Aditya Birla Sun Life Insurance (ABSLI) include coverage for deaths of victims resulting from war or acts of terrorism. The policyholder should understand the difference between victims and perpetrators. If a policyholder is a victim of war or terrorism and the policy is active and in force at the time of the incident, the death benefit is payable. However, if the policyholder is involved in terrorist activities, resulting deaths are generally excluded from coverage."Shilpa Arora, co-founder and chief operating officer at Insurance Samadhan, says, "As per the terms and conditions of major insurance companies, there are only three exclusions. Until 2001, deaths during war or terrorism were not covered, but today there is no exclusion. However, as a rule, policyholders must declare occupational risks, including working in a combat role. If an underwriter accepts this risk, whether at standard or increased rates, it has to be covered. On the other hand, if occupational risk is not declared, claims can be denied within the first 36 months; non-disclosure would not affect the claim."Hence, all insurance experts advise policyholders to read the exclusions list before buying a life insurance from PolicyBazaar, says, "No, the terms related to death due to war or terrorist acts are generally similar across term and other types of life insurance policies. The insurer's underwriting typically governs coverage or exclusion of such causes of death."Singh from ABSLI concurs, "No, the coverage terms for death due to terrorist acts are consistent across both term and other life insurance plans offered by ABSLI. In both cases, death due to a terrorist attack is covered by default, and no additional rider is required. However, death due to unlawful acts and involvement in terrorist activities remains excluded across all plans."However, it may happen that while one insurer covers deaths related to war and terrorist acts, another insurer does not due to differences in their underwriting policies. Hence, it is important to read the policy conditions while buying the people don't read the exclusion lists carefully when buying a life insurance policy. Mehta says, "Generally, the only exclusion allowed in life insurance is suicide in the first policy year."Agarwal says, "A key exclusion in most term insurance policies is suicide within the first year of the policy commencement. This one-year suicide exclusion helps prevent moral hazard and ensures the integrity of the insurance pool. Other exclusions may vary but can include death due to participation in hazardous activities, criminal acts, or substance abuse, depending on the insurer."Arora says, "In the case of term insurance plans, suicide within the first policy year is a common exclusion across providers. As per Section 45, claims can be denied under non-disclosure, pre-existing conditions, substance abuse, involvement in criminal acts, and injuries or death due to participation in hazardous activities are among the other common exclusions. However, consumers must note that each insurance provider may have a different set of exclusions. This is why I urge everyone to review the policy document for exclusions."
Economic Times
26-04-2025
- Business
- Economic Times
Ather Energy raises Rs 1,340 crore from 36 anchor investors ahead of IPO
The Bengaluru-based electric two-wheeler maker allocated 41.7 million equity shares to 36 anchor investors at Rs 321 apiece, including a share premium of Rs 320 per share. SBI, Custody Bank of Japan, Aditya Birla Sun Life Insurance, Abu Dhabi Investment Authority, Invesco, Franklin Templeton, ICICI Prudential, Morgan Stanley, and Societe Generale, among others, participated in the anchor round. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Electric two-wheeler (E2W) maker Ather Energy has raised Rs 1,340 crore from anchor investors ahead of its initial public offering (IPO), which opens on April its board meeting held on April 25, the Bengaluru-based company finalised the allocation of 41.7 million equity shares to 36 anchor investors at Rs 321 apiece. This includes a share premium of Rs 320 per share, Ather said in an exchange in the anchor round include State Bank of India , Custody Bank of Japan, Aditya Birla Sun Life Insurance, Abu Dhabi Investment Authority (ADIA), Invesco, Franklin Templeton, ICICI Prudential , Morgan Stanley, and Societe Generale, among IPO, which will close on April 30, has a price band of Rs 304-Rs 321 per Mutual Fund emerged as the largest investor in the anchor round, contributing Rs 310 crore—around 23.1% of the total anchor is set to become the second pure-play E2W company to list on the Indian stock exchanges, following Ola Electric . The IPO is also expected to deliver significant gains to early investors and to the red herring prospectus (RHP), Tiger Global is set to earn a return multiple of 8.3x on its investment. Singapore's sovereign wealth fund GIC and the National Investment and Infrastructure Fund (NIIF) are expected to clock multiples of 1.6x and 1.7x, public issue is also set to unlock wealth worth Rs 530 crore for over 1,300 employees covered under Ather's employee stock option plan (ESOP).After filing its draft red herring prospectus (DRHP) last year, Ather trimmed the size of its fresh issue from Rs 3,100 crore to Rs 2,626 crore, amid unfavourable market conditions. The offer-for-sale (OFS) component has also been reduced by about 50%. Axis Capital Limited , HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited , and Nomura Financial Advisory and Securities (India) Private Limited are the bookrunning lead managers to the issue.
