Religare Enterprises Limited’s shareholders approve the Rs. 570 crores preferential issue by passing the special resolution
Religare Enterprises Limited’s shareholders approve the Rs. 570 crores preferential issue by passing the special resolution
Mumbai, July 5, 2021: The shareholders of Religare Enterprises Limited (‘REL’ or ‘Company’) approved the Rs. 570 crores Preferential Issue of fresh equity shares of the Company, by way of passing a special resolution in the Extraordinary General Meeting (“EGM”) of the Company held on Saturday, July 03, 2021 at 04:00 P.M. (IST).
Earlier the Board of Directors of the Company, in a meeting held on June 8, 2021 had approved raising of funds to the tune of Rs. 570 crore by preferential allotment of 5,41,56,761 equity shares of the Company at a price of Rs. 105.25/share to existing shareholders like Burman family & Ares SSG Capital and selected new marquee investors.
The Preferential Issue required the approval of shareholders of the Company by way of passing of special resolution as per the applicable law under Companies Act, 2013 and ICDR & other regulations of SEBI. The special resolution on Preferential Issue was approved through E-voting and voting during Extraordinary General Meeting (“EGM”) of the Company which was duly held on Saturday, July 03, 2021 at 04:00 P.M. (IST) through video conferencing/other Audio-Visual Means.
“We are pleased to announce that shareholders of the Company have approved the special resolution for raising of Rs. 570 crores 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 on an Independent Board and Professional Management. We are well on our path of revival and would use these funds towards growth of our businesses. Today again, I am thankful to our shareholders and investors, who demonstrated their trust in Company by passing the special resolution with resounding majority” Religare Enterprise’s Executive Chairperson Dr. Rashmi Saluja said.
About Religare Enterprises:
Religare Enterprises Limited (REL), a Core Investment Company (CIC) registered with Reserve Bank of India (RBI), is a diversified financial services company. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking. REL is listed on the BSE (formerly Bombay Stock Exchange) and National Stock Exchange (NSE) in India.
The Religare Group (REL & subsidiaries) has access to a wide reach of customers – 1 million+ policy holders in insurance business, 1 million+ broking customers, more than 26,000+ customers in MSME finance and 10,000+ customers in affordable housing finance. The Group has overall employee base of more than 11,000 professionals servicing diversified set of customers and Group has reach to around 1,000+ locations around India.
