The financial player would issue over 5.41 crore equity shares of the company at a price of Rs 105.25 per share to existing shareholders, which is almost a 28 per cent discount compared to its previous close of Rs 146.5 on Tuesday.
The scrip tanked 8 per cent to Rs 135.45 on Wednesday, before trading at Rs 136.55 at 10.25 am. BSE Sensex was trading at 52,383.18, 107.61 points or 0.21 per cent higher at the same time.
The preferential allotment will be made to existing shareholders including the Burman family, Ares SSG Capital and selected new marquee investors, said a company statement.
“The funds raised would be primarily utilised as growth capital for investment in its subsidiaries businesses,” the company said in its statement.
Shares of Religare Enterprises have delivered over 380 per cent return to Rs 156 on Monday, June 7 from Rs 32.40 in June 2020. However, the counter is down over 13 per cent in just two sessions.
Religare Enterprises’ Executive Chairperson, Rashmi Saluja said: “Religare Group has successfully turned around and now we are entering a new era of growth. The current fund raise is a testimonial of recognition of future growth potential of all our businesses, by our key shareholders and new investors.”
