Religare Finvest, a subsidiary of Religare Group, on Thursday said it is awaiting final approval from the Insurance Regulatory Development Authority (IRDA) to launch products under health insurance portfolio.

The company has already obtained the approval for entering into the health insurance business.

"We are already present in the health insurance (business). We are waiting for the final approval from IRDA for launching the products," Religare Finvest Chief Operating Officer Pankaj Bhansali told reporters here today.

The company is present in the health care industry under 'Fortis' brand. It also lends to small and medium entities through Religare Finvest, apart from other group entities

Bhansali added that Religare Finvest has proposed to raise Rs 800 crore through the issue of non-convertible debentures (NCDs).

"The issue opens September 9 and closes on September 26. This is the first time we are raising funds through retail and also for NRIs (Non-Resident Indians)," he said.

The funds raised through the issue would be utilised for various activities, including lending and investments, and for capital expenditure and working capital requirements, he said.

The Lead managers to the issue are A K Capital Services, Axis Bank, YES Bank and Religare Capital Markets Ltd.

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