Religare finalizes Rights Issue of Rs 1802 crores at Rs 355 per share
Mumbai: Religare Enterprises Limited (REL), one of the leading integrated financial services groups of India, in its Board meeting today has decided to go ahead with a Rights Issue subject to regulatory approvals. REL proposes raising of funds of Rs. 1802.48 crores through issue of shares on Rights basis (Rights Issue) in the ratio of 2:3 at a price of Rs. 355 per share and the Promoters have given a firm commitment to subscribe for the unsubscribed portion, if any, of the said Rights Issue.
The Draft Letter of Offer (DLOO) is proposed to be filed with SEBI around the first week of December ‘08. The networth of REL is expected to go up to approximately Rs 2400 crores following the Rights Issue.
The objective of the proposed Rights Issue is to further add momentum to the multi dimensional growth plans of the company. REL whose IPO was oversubscribed a record almost 161 times is listed on the Exchanges since November 2007.
REL’s market capitalisation stood at Rs 2416 crore (as on 24 October 2008), the share price closed at Rs 325.25 (29 October 2008 EOD).
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