International Finance Corporation (IFC) will soon invest $75 million in Religare Enterprises Ltd (REL), the holding company of the Religare Group.
The transaction will be in the form of a nominal number of equity shares and the rest as compulsory convertible debentures (CCDs) through preferential allotment.
The board of directors of REL had on September 29 given its nod to offer and allot 1,000 equity shares of face value of Rs 10 each on a preferential allotment basis to IFC at an issue price of Rs 315.85 a share. Board approval was also given for issuing 45 lakh CCDs of a face value of Rs 1,000 each, subject to an overall investment by IFC not exceeding $75 million, REL said in a filing with the stock exchanges on Monday. REL and IFC management teams have negotiated a term sheet based on which the definitive documents are to be completed, sources said.