Our Company was originally incorporated as `Max Bupa Health Insurance Limited' at New Delhi, Delhi as a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated September 5, 2008, issued by the Assistant Registrar of Companies, National Capital Territory of Delhi and Haryana and was granted its certificate for commencement of business on December 23, 2008 by the Deputy Registrar of Companies, National Capital Territory of Delhi and Haryana.
Thereafter, the name of our Company was changed to `Max Bupa Health Insurance Company Limited', upon a request by the IRDAI, pursuant to a fresh certificate of incorporation dated July 30, 2009 issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana. Our Company was required to discontinue using the "Max" brand in our name, pursuant to Max India Limited ceasing to hold Equity Shares in our Company. Hence, the name of our Company was changed to `Niva Bupa Health Insurance Company Limited' pursuant to a fresh certificate of incorporation dated July 5, 2021 issued by the Registrar of Companies - Delhi.
Further, our Company was granted its first certificate to carry out the business of general insurance by a certificate dated February 15, 2010 given by the IRDAI which was renewed on an annual basis under Section 3A of the Insurance Act. Pursuant to an amendment to Section 3A of the Insurance Act with effect from December 26, 2014, the process of annual renewal of certificate of registration was discontinued. Accordingly, the certificate of renewal of registration as issued to our Company on February 25, 2014 continues to be in effect.
Major Events and Milestones: 2008 -Our Company was incorporated in September 2008 as a joint venture between Max India Limited and Bupa Singapore Holdings Pte. Ltd.
2010 -Our Company was granted registration certificate by the IRDAI to carry general insurance business in February, 2010.
2016 -Bupa Singapore Holdings Pte. Ltd. increased its shareholding in our Company from 26% to 49% following relaxation in FDI norms, in July 2016
2019 -Fettle Tone LLP became a shareholder in our Company pursuant to the acquisition of Equity Shares of our Company from Max India Limited and Bupa Singapore Pte. Ltd.
2021 Pursuant to the acquistion of the Equity Shares of our Company by Fettle Tone LLP from Max India Limited, our Company changed its name from "Max Bupa Health Insurance Company Limited" to "Niva Bupa Health Insurance Company Limited" in July 2021 Our Company raised ?1,500 million of subordinated debt by issuing non-convertible debentures. For details regarding issuance of non-convertible debentures, see "Financial Indebtedness" on page 381.
2022 -Our Company raised ?1,000 million of subordinated debt by issuing non-convertible debentures. For details regarding issuance of non-convertible debentures, see "Financial Indebtedness" on page 381.
2023 -Our Company raised ?8,000 million through preferential allotment of its Equity Shares to Paragon Partners Growth Fund II, V-Sciences Investments Pte Ltd, India Business Excellence Fund IV, and SBI Life Insurance Company Limited in December 2023.
2024 -Our Company became a subsidiary of Bupa Singapore Holdings Pte. Ltd. upon its acquisition of 366,381,439 Equity Shares of our Company from Fettle Tone LLP.
|