Religare Enterprises’ (REL) shareholders have approved a proposal for raising Rs 570 crore via preferential issuance of shares to a clutch of investors, including existing shareholders, to fund its business plans. A part of the fund would be utilised for the proposed debt recast of its subsidiary Religare Finvest, which is under the corrective action plan of the Reserve Bank of India (RBI) since January 2018 due to its weak financial health. The proposal was cleared by shareholders in the Extraordinary General Meeting (EGM) of the company held on Saturday, July 3, 2021.
Religare Enterprises is one of India’s leading diversified financial services groups. It offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.
