Religare Enterprises incorporates Religare Care Foundation as subsidiary; Stock dips 2%

7 Feb 2022 , 10:09 AM

Religare Enterprises Limited on Friday has incorporated a Subsidiary Company namely Religare Care Foundation (RCF) as a subsidiary. The cost of acquisition is Rs2.55 lakh/- by subscribing to 25,500 equity shares of Rs10/- each. The company owns a 51% stake in RCF and the balance of 49% is owned by subsidiaries of the company.

“RCF is incorporated with charitable objects of carrying out activities and building infrastructure in the areas of Education, Sports, Healthcare vocational skills development, art & culture and rehabilitate artistian and artists, Environment Protection for the betterment of larger group of underprivileged and marginalized sections of society,” company said in a filing on Saturday.

The objective to establish RCF is to look after the CSR expenditure of the various companies of Religare group leading to a more strategic and efficient approach in CSR spending for a larger unified purpose at group level through which a better brand building can be achieved. Such in-house CSR company would also lead to a more administrative control and economy of operations to the said entity, it added.

At around 10.12 am, Religare Enterprises Ltd was trading at Rs128.30 per share down by Rs3.2 or 2.43% from its previous closing of Rs131.50 per share on the BSE.