Religare Enterprises Ltd's IPO to open on Oct 29

Mumbai, Oct 22 (UNI) Religare Enterprises Ltd, a financial services company, will enter the capital market on October 29 with its initial public offering (IPO) of 7,576,102 equity shares of Rs 10 each for cash at a price to be decided through 100 per cent book-building process.

The price band has been fixed between Rs 160 and Rs 185 per equity share. The issue will close on Novermber 1.

Religare Enterprises CEO and MD Sunil Godhwani told reporters that the objective of the issue is to fuel the future growth plans of the company, including the expansion of the domestic operations and the network of branches of two of its subsidiaries -- Religare Securities Ltd and Religare Insusrance Broking Ltd.

It plans to fund the retail finance business and expand its financing activity, through its subsidiaries Religare Finvest Ltd and Religare Finance Ltd.

''The company is promoted by the promoters of Ranbaxy Laboratories Ltd and its issue has been graded by ICRA Ltd, which has assigned the IPO Grade three on a five points basis scale,'' he added.

UNI