Religare to raise Rs 1,500 crore from Burman Family and select investors
Religare Enterprises
has announced a ₹1,500-crore
fundraise
through
preferential allotment
of warrants to its promoter, the
Burman family
of
Dabur
, and a select group of investors including Ashish Kacholia, Hindustan Times group, Ashish Dhawan and
JM Financial
.
The Burman family through various
investment
vehicles will subscribe to ₹750 crore worth (50%) of warrants, the company said in a stock exchange disclosure.
The funds will be used to support business growth across verticals, drive strategic initiatives and explore new opportunities.
Religare is in the business of loans,
affordable housing finance
,
health insurance
and retail broking.
The Burmans took controlling stake in Religare in February this year after their open offer to minority shareholders was successfully executed. They were locked in a hard-fought battle with the company's previous management led by Rashmi Saluja who was resisting the open offer.
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The latest capital raise will be executed through issuance of 63,829,782 warrants, each convertible into one fully paid-up equity share of the company of face value of ₹10, as per details provided in the stock exchange disclosure.
As a group, Religare caters to diverse segments of the market from mass retail to affluent, SMEs to mid-size corporates. Subsidiaries service over 1.1 million clients from over 1,275 locations across more than 400 cities.
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