Mumbai, Oct 30 (UNI) Religare Enterprises Limited (REL), one of the leading integrated financial services groups of India, in its Board meeting today decided to go ahead with a Rights Issue subject to regulatory approvals.
REL has proposed to raise funds of Rs 1,802.48 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 Securities and Exchange Board of India (SEBI) around the first week of December. The networth of REL is expected to go up to approximately Rs 2,400 crore following this 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 country's two Exchanges since November 2007, a REL release said here.
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