Stocks

Religare shareholders’ approve ₹570 crore preferential issue

Our Bureau New Delhi | Updated on July 05, 2021

The shareholders of Religare Enterprises Limited (REL) have approved the ₹570 crore preferential issue of fresh equity of the company, This nod came through a special resolution passed at the Extraordinary General Meeting (EGM) held on Saturday.

It maybe recalled that board of directors had in a meeting held on June 8 approved raising of funds to the tune of ₹570 crore by preferential allotment of 5,41,56,761 equity shares at a price of ₹ 105.25 per share to existing shareholders including Burman family & Ares SSG Capital and select new marquee investors.

“We are pleased to announce that shareholders of the Company have approved the special resolution for raising of ₹570 crore funds, through allotment of shares on preferential basis, as approved earlier by Board of Directors of the Company. Post reclassification of erstwhile promoters as public shareholders, Religare Enterprises Limited, truly stands as a Company held by a diversified set of investors who have reposed their faith in an independent board and professional management. We are well on our path of revival and would use these funds towards growth of our businesses”, Religare Enterprise’s Executive Chairperson Rashmi Saluja said in a statement.

Published on July 05, 2021

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