Religare Enterprises' shareholders approve Rs 570 cr preferential issue

Religare Enterprises shareholders have approved the company's plans for a preferential issue worth Rs 570 crore of equity.

The shareholders' approval was received by way of passing a special resolution in the Extraordinary General Meeting of the company held on July 3.

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Earlier, the Board of Directors of the Company, in a meeting held on June 8, 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 per share to existing shareholders like Burman family & Ares SSG Capital and selected new marquee investors.

"Post reclassification of erstwhile promoters as public shareholders, Religare Enterprises Ltd, truly stands as a company held by a diversified set of investors who have reposed their faith on an 'Independent Board' and 'Professional Management'," Religare Enterprise's Executive Chairperson Rashmi Saluja said.

"We are well on our path of revival and would use these funds towards the growth of our businesses."

A diversified financial services company, REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities.