The Board of Directors of Religare Enterprises Limited (REL) approved raising of funds to the tune of Rs 570 crore by preferential allotment of 5,41,56,761 equity shares.
The Company has priced the share at Rs 105.25 per share to existing shareholders like the Burman family and Ares SSG Capital and selected new marquee investors.
The funds raised would be primary utilised as growth capital for investment in its subsidiaries businesses.
REL is the holding company for four key businesses i.e. SME Finance via Religare Finvest Limited (RFL), Health Insurance via Care Health Insurance Limited (CHIL), Retail Broking via Religare Broking Limited (RBL) and Affordable Housing via Religare Housing Development Finance Corporation Limited (RHDFCL).
“Religare Group has successfully turnaround and now we are entering a new era of growth. The current fund raise is a testimonial of recognition of future growth potential of all our businesses, by our key shareholders and new investors. We would invest these funds towards growth of all our underlying businesses including Religare Finvest Ltd (RFL) which is undergoing the process of Debt Restructuring and I am positive about the future of that company. Our Health Insurance and other businesses are also looking up. I am very thankful to our investors, who kept faith on us and invested in our growth story “ Religare Enterprise’s Executive Chairperson Rashmi Saluja said.