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PROSPECTUS

Please read Section 32 of the Companies Act, 2013

100% Book Built Offer

STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED

)RUGHWDLOVVHH³History and Certain Corporate Matters´RQSDJH.

Registered and Corporate OfficeTel

WebsiteContact PersonE-mail

Corporate Identity Number

IRDAI Registration Number:

OUR PROMOTERS: SAFECROP INVESTMENTS INDIA LLP, WESTBRIDGE AIF I AND RAKESH JHUNJHUNWALA INITIAL PUBLIC OFFER OF 71,125,997* EQUITY SHARES OF FACE VALUE OF ൟ10

ൟ900^ PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF ൟ890 PER EQUITY SHARE) AGGREGATING ൟ64,004.39 SING A FRESH ISSUE OF 22,232,230* EQUITY SHARES AGGREGATING ൟ20,000^

48,893,767*EQUITY SHARES, INCLUDING 29,854,380 133,925 EQUITY

SHARES BY KONARK TRUST, 9,249 EQUITY SHARES BY MMPL TRUST 4,348,245 EQUITY SHARES BY APIS GROWTH 6 LIMITED, 3,383,255 EQUITY SHARES BYMIO IV STAR, 5,629,019

EQUITY SHARES BYUNIVERSITY OF NOTRE DAME DU LAC, 2,487,714 EQUITY SHARES BY MIO STAR, 1,403,980 EQUITY SHARES BY ROC CAPITAL PTY LIMITED, 1,000,000 EQUITY SHARES BY VENKATASAMY JAGANNATHAN, 500,000

EQUITY SHARES BY SAI SATISH AND 144,000 EQUITY SHARES BY BERJIS MINOO EHOLDER AND PROMOTER GROUP SELLING SHAREHOLDERS ൟ44,004.39

OFFER SHALL CONSTITUTE 12.36% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. THE OFFER INCLUDES A RESERVATION OF 112,592* EQUITY SHARES, AGGREGATING ൟ92.33^ MILLION (CONSTITUTING

0.02% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL, FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (EMPLOYEE RESERVATION PORTION). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER

REFERRED TO AS THE NET OFFER. THE OFFER AND THE NET OFFER CONSTITUTE 12.36% AND 12.34%, RESPECTIVELY, OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. THE FACE VALUE OF EQUITY

SHARES IS ൟ EACH. THE ൟ900 PER EQUITY SHARE AND IS 90 ൟ900 PER EQUITY SHARE.

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$6%$SURFHVV)RUGHWDLOVVHH³Offer Procedure´

RISKS IN RELATION TO THE FIRST OFFER

_

GENERAL RISK

RUDSSURYHGE\WKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD³SEBI´QRUGRHV6(%,JXDUDQWHHWKHDFFXUDF\RUDGHTXDF\RIWKHFRQWHQWVRIWKLV3URVSHFWXV6SHFLILFDWWHQWLRQRIWKHLQYHVWRUVLQYLWHGWR³Risk Factors´RQSDJH

DISCLAIMER CLAUSE OF THE

ndness of the insurance company or for the correctness of any of the statements made or opinion expressed

1) shall not in any manner be deemed to be or serve as a validation of the

representations by our Company in this Prospectus. This Offer has not been recommended or approved by IRDAI, nor does IRDAI guarantee the accuracy or adequacy of the contents/ information in this Prospectus. It is to be distinctly

understood that this Prospectus should not in any way be deemed or construed to have been approved or vetted by IRDAI.

LISTING

³Material Contracts and Documents for Inspection´RQSDJH BOOK RUNNING LEAD MANAGERS TO THE OFFER REGISTRAR TO THE OFFER

Kotak Mahindra Capital Company

Limited^

Tel:

E-mail:

Investor grievance e-mail:

Website:

Contact Person:

SEBI Registration No:

Axis Capital Limited^

Tel:

E-mail:

Investor grievance e-mail:

Website:

Contact Person:

SEBI Registration No:

BofA Securities India Limited^

Tel:

E-mail:

Investor grievance e-mail:

Website:

Contact Person:

SEBI Registration No:

Citigroup Global Markets India Private

Limited^

Tel:

E-mail:

Investor grievance e-mail:

Website:

Contact Person:

SEBI Registration No:

ICICI Securities Limited^

Tel:

E-mail:

Investor grievance e-mail:

Website:

Contact Person:

SEBI Registration No:

KFin Technologies Private Limited

Tel

E-mail

Investor grievance e-mail

Website

Contact Person

SEBI Registration No

BOOK RUNNING LEAD MANAGERS TO THE OFFER

CLSA India Private Limited

Tel

E-mail

Investor grievance e-mail:

Contact Person

Website

SEBI Registration No

Credit Suisse Securities (India) Private

Limited

Tel:

E-mail:

Investor grievance e-mail:

Website:

Contact Person

SEBI Registration No.:

Jefferies India Private Limited

Tel:

E-mail:

Investor grievance e-mail:

Website:

Contact Person:

SEBI Registration No.:

Ambit Private Limited*

Tel

E-mail:

Investor grievance e-mail

Website

Contact Person

SEBI Registration No

DAM Capital Advisors Limited*

Formerly IDFC Securities Limited

Tel

E-mail

Website

Investor grievance e-mail

Contact Person

SEBI Registration Number

IIFL Securities Limited*

Tel

E-mail

Website

Investor grievance e-mail

Contact Person

SEBI Registration Number

SBI Capital Markets Limited*

Tel

E-mail

Investor grievance e-mail

Website

Contact Person

SEBI Registration Number

BID/ OFFER SCHEDULE

BID/ OFFER OPENED ONNovember 30, 2021(1)BID/ OFFER CLOSED ONDecember 2, 2021

(1) The Anchor Investor Bid/Offer Period was one Working Day prior to the Bid/ Offer Opening Date i.e. on November 29, 2021.

^Kotak, Axis, BofA, Citigroup and I-Sec are also acting as the GCBRLMs *Ambit, Dam Capital, IIFL Securities and SBICAP are also acting as the Co-BRLMs. (This page is intentionally left blank)

TABLE OF CONTENTS

SECTION I: GENERAL ........................................................................................................................................................... 1

SECTION II: RISK FACTORS ............................................................................................................................................. 26

SECTION III: INTRODUCTION.......................................................................................................................................... 62

SECTION IV: ABOUT OUR COMPANY .......................................................................................................................... 117

SECTION V: FINANCIAL INFORMATION .................................................................................................................... 244

SECTION VI: LEGAL AND OTHER INFORMATION .................................................................................................. 376

SECTION VII: OFFER INFORMATION .......................................................................................................................... 413

SECTION VIII: DESCRIPTION OF EQUITY SHARES AND TERMS OF ARTICLES OF ASSOCIATION ......... 439

SECTION IX: OTHER INFORMATION ........................................................................................................................... 443

SECTION I: GENERAL

DEFINITIONS AND ABBREVIATIONS

This Prospectus uses certain definitions and abbreviations which, unless the context otherwise indicates or implies, shall have

the meaning as provided below. References to any legislation, act, regulation, rules, guidelines or policies shall be to such

legislation, act, regulation, rules, guidelines or policies as amended, supplemented or re-enacted from time to time, and any

reference to a statutory provision shall include any subordinate legislation made from time to time under that provision.

The words and expressions used in this Prospectus but not defined herein shall have, to the extent applicable, the same meaning

ascribed to such terms under the SEBI ICDR Regulations, the Companies Act, the SCRA, the Depositories Act and the rules

and regulations made thereunder. Notwithstanding the foregoing, the terms used and Offer nd Certain

Outstanding Litigation and

Material Developm117, 189, 109,

244, 106, 204, 373, 391, 376 and 439, respectively, shall have the meaning ascribed to them in the relevant section.

General Terms

Term Description

Company Related Terms

Term Description

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Our Group

Companies

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Term Description

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Offer Related Terms

Term Description

_ _ _

Subject to finalisation of the Basis of Allotment

Term Description

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Term Description

_

Formerly IDFC Securities Limited

_ _ _ _ (TXLW\6KDUHVDJJUHJDWLQJ _

*A discount of ০80 per Equity Share was offered to Eligible Employees bidding in the Employee Reservation Portion

^Subject to finalisation of the Basis of Allotment

Term Description

_ (TXLW\6KDUHVDJJUHJDWLQJ _ WKHXVHRIWKH1HW3URFHHGVDQGWKH2IIHUH[SHQVHVVHH³Objects of the Offer´ _ *Subject to finalisation of the Basis of Allotment _ *Subject to finalization of the Basis of Allotment

^A discount of ০80 per Equity Share was offered to Eligible Employees bidding in the Employee Reservation Portion

_ _ _

^A discount of ০80 per Equity Share was offered to Eligible Employees bidding in the Employee Reservation Portion

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_ *Subject to finalisation of the Basis of Allotment _ _

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Term Description

inter alia *Subject to finalisation of the Basis of Allotment _ *Subject to finalisation of the Basis of Allotment

Term Description

Technical/Insurance Industry Related Terms/Abbreviations

Term Description

Term Description

Term Description

Term Description

Term Description

Conventional and General Terms or Abbreviations

Term Description

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