CUBI to pick 6% stake in Religare Enterprises for $51 million

Religare Enterprises Ltd. | Finance - Investment | BFSI | BSE: 532915 | NSE: RELIGARE

27 Jun 2013 Evaluate

Religare Enterprises (REL) has received board approval for investment by Customers Bancorp Inc., (CUBI), a Federal Reserve Regulated bank holding company and trading on the NASDAQ. CUBI has agreed to invest $51 million to pick up 6% stake through their investment holding company in REL through combination of primary and secondary market investment. CUBI shall make a secondary purchase of $22 million of equity shares of the company from promoters. The promoters are selling the shares as part of their 22% divestment to bring down their shareholding to 49% to qualify REL to setup NOFHC as per RBI Guidelines for Licensing of New Banks in the Private Sector issued on Feb 22, 2013. This transaction would be done as per applicable law at the prevailing market price on the date of purchase.

In addition, CUBI shall make an investment for the Indian Rupee equivalent of $28 million in compulsory convertible Warrants issued by the company on preferential allotment basis, as per SEBI floor price as per applicable law. Warrants would be convertible into equity shares in maximum of 18 months. CUBI will also subscribe to common equity shares for the Indian Rupee equivalent of $1 million on a preferential allotment basis, as per SEBI floor price as per applicable law.

Besides, REL and CUBI management teams have negotiated a term sheet based on which definitive documents are to be completed. The CUBI Board has already given its approval to proceed with the transaction.

Further, REL and CUBI management teams will also enter into a business alliance agreement to find opportunities to service REL’s customers across businesses, as well as potential customers CUBI of Indian origin in the US for their India investment needs.

Religare Enterprises Share Price

220.85 -2.55 (-1.14%)

08-May-2026 16:59 View Price Chart

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