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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
IIRM Holdings India Ltd

IIRM Holdings: Wholly-owned subsidiary acquires SafeRisk Insurance for Rs. 84.83 crore

M&A ◆ Monitor Closely MEDIUM RISK
📅 Filed on BSE: 25 Mar 2026, 08:49 PM IST  ·  BSE ID: 0e62a0b0-bb17-4685-81dc-8113fbb8f2d0
View Original BSE Filing (PDF)
💡
In Simple Terms
IIRM's subsidiary is buying an insurance broking company called SafeRisk for Rs. 84.82 crore in cash and shares.
🤖 AI Summary
  • India Insure acquires 100% SafeRisk Insurance Brokers for Rs. 84.82 crore total consideration
  • SafeRisk FY2024-25 metrics: Turnover Rs. 27.78 crore, Net worth Rs. 17.91 crore, PAT Rs. 1 crore
  • Mixed consideration: Cash Rs. 55.11 crore plus share issuance Rs. 29.71 crore
  • Not a related-party transaction; IRDAI approval required; allotment within 15 days post-approval
  • SafeRisk incorporated December 2014; FY2024-25 turnover down from Rs. 33.82 crore in FY2023-24
🔢 Key Numbers - exact figures from BSE filing, not rounded
Total acquisition consideration
Rs. 84.82 crore
Cash consideration
Rs. 55.11 crore
Share-based consideration
Rs. 29.71 crore (tentative, based on valuation certificate)
SafeRisk FY2024-25 Turnover
Rs. 27.78 crore
-17.9
SafeRisk FY2024-25 Net Worth
Rs. 17.91 crore
SafeRisk FY2024-25 PAT
Rs. 1 crore
Shareholding to be acquired
100%
Share allotment timeline
Within 15 days of Special Resolution or regulatory approval
🏢 How This Affects the Company
📈
Business Impact
IIRM adds insurance broking and risk management subsidiary with FY2024-25 turnover of Rs. 27.78 crore, expanding group presence in insurance services vertically.
💰
Financial Impact
Acquisition funded via Rs. 55.11 crore cash outlay plus Rs. 29.71 crore in equity share issuance. SafeRisk's FY2024-25 PAT of Rs. 1 crore will consolidate into IIRM's results.
⚙️
Operational Impact
SafeRisk's Bhubaneswar operations and insurance broking team become part of IIRM's operational structure; no workforce or capacity disruption disclosed.
⚠️
Risk Impact
IRDAI regulatory approval required — deal completion contingent on regulatory clearance. SafeRisk's turnover declined 17.9% YoY (Rs. 33.82 crore FY2023-24 to Rs. 27.78 crore FY2024-25), signalling softness in target's revenue trajectory.
👥 What This Means For Shareholders
✅
Action Required
Monitor for shareholder approval outcome of Special Resolution and IRDAI regulatory clearance filing for deal completion confirmation.
👤
Who Is Affected
All IIRM shareholders; acquisition funded via equity issuance (Rs. 29.71 crore shares) plus Rs. 55.11 crore cash, diluting existing shareholding post-allotment.
🔍
Management Signal
Management pursuing vertical consolidation within insurance broking ecosystem; confidence in SafeRisk's turnaround potential despite recent revenue decline.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List - track these upcoming events
IRDAI approval intimation — confirm regulatory clearance and approval date for deal completion
Shareholder Special Resolution outcome — track voting results and approval for share issuance and acquisition
Share allotment filing (Reg 31) — verify post-allotment shareholding structure and dilution impact on existing shareholders
MEDIUM RISK SafeRisk's 17.9% YoY revenue decline and low profitability (Rs. 1 crore PAT) raise integration and turnaround risks. IRDAI approval pending.
💡 Investor Takeaway
IIRM's subsidiary acquiring SafeRisk Insurance for Rs. 84.82 crore (Rs. 55.11 crore cash, Rs. 29.71 crore shares). SafeRisk's FY2024-25 turnover Rs. 27.78 crore, PAT Rs. 1 crore. IRDAI approval required; share allotment within 15 days post-approval.
⚖️ Strengths & Concerns

✅ Positives

  • Acquisition within IIRM's core insurance and risk management sector; not a diversification move or unrelated asset purchase.
  • SafeRisk incorporated December 2014 with 11+ years operating history; not a startup. Established customer and regulatory relationships.

⚠️ Concerns

  • SafeRisk turnover declined 17.9% YoY from Rs. 33.82 crore (FY2023-24) to Rs. 27.78 crore (FY2024-25); profitability weak at Rs. 1 crore PAT.
  • Acquisition contingent on IRDAI regulatory approval; no approval confirmation provided. Share allotment timeline conditional on regulatory clearance.
📅 Company Track Record
IIRM Holdings filed acquisition intimation on 24 March 2026 (Reg 30) disclosing Rs. 84.83 crore SafeRisk deal with Rs. 17.91 crore target PAT. Today's filing (25 March 2026) provides full acquisition details including mixed consideration structure, timeline, and regulatory requirements. India Insure (IIRM's WOS) is executing the acquisition.

Based on publicly available historical data. For context only.

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⚠️ For Information Only - Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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