Religare Enterprises board approves Rs570cr fundraise through preferential issue

The current market cap of the company is Rs3,608.23cr.

Jul 05, 2021 04:07 IST India Infoline News Service

Religare Enterprises Ltd.
Religare Enterprises Limited has informed the exchange that the stakeholders has approved Rs570cr preferential issue of fresh equity shares of the Company on Saturday, 3rd July, 2021.

Earlier the Board of Directors of the Company, in a meeting held on 8th June, 2021 had approved raising of funds to the tune of Rs570cr by preferential allotment of 5,41,56,761 equity shares of the Company at a price of Rs. 105.25/share to existing shareholders like Burman family & Ares SSG Capital and selected new marquee investors.

The Preferential Issue required the approval of shareholders of the Company by way of passing of special resolution as per the applicable law under Companies Act, 2013 and ICDR & other regulations of SEBI.

“We are pleased to announce that shareholders of the Company have approved the special resolution for raising of Rs57cr funds, through allotment of shares on preferential basis, as approved earlier by Board of Directors of the Company.

Post reclassification of erstwhile promoters as public shareholders, Religare Enterprises Limited, truly stands as a Company held by a diversified set of investors who have reposed their faith on an Independent Board and Professional Management. We are well on our path of revival and would use these funds towards growth of our businesses.

Today again, I am thankful to our shareholders and investors, who demonstrated their trust in Company by passing the special resolution with resounding majority” Religare Enterprise’s Executive Chairperson Dr. Rashmi Saluja said.

Religare Enterprises ended at Rs138.40 apiece down by Rs0.65 or 0.47% on Sensex.

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