INSUBCONTINENT EXCLUSIVE:
New Delhi: Religare Enterprises has announced a ?1,500-crore fundraise through preferential allotment of warrants to its promoter, the
Burman family of Dabur, and a select group of investors including Hindustan Times group, Ashish Dhawan and JM Financial.The Burman family
through various investment vehicles will subscribe to ?750 crore worth (50%) of warrants, the company said in a stock exchange
disclosure.The funds will be used to support business growth across verticals, drive strategic initiatives and explore new
opportunities.Religare is in the business of loans, affordable housing finance, health insurance and retail broking.The Burmans took
controlling stake in Religare in February this year after their open offer to minority shareholders was successfully executed
They were locked in a hard-fought battle with the company's previous management led by Rashmi Saluja who was resisting the open offer.
Live
EventsThe latest capital raise will be executed through issuance of 63,829,782 warrants, each convertible into one fully paid-up equity
share of the company of face value of ?10, as per details provided in the stock exchange disclosure.As a group, Religare caters to diverse
segments of the market from mass retail to affluent, SMEs to mid-size corporates
Subsidiaries service over 1.1 million clients from over 1,275 locations across more than 400 cities.
