Private Equity

PE-RE Fund Investments

Religare Enterprises to raise Rs.570-Cr via pref shares to Ares SSG, Burmans, others

Mint  

Financial services player Religare Enterprises Ltd is to raise INR 570 crore via a preferential issuance of shares to a clutch of investors, including existing shareholders, to fund its business plans. The company would issue 5.41 crore shares at a price of INR 105.25 per unit to existing shareholders like Burman family (Dabur Group), Ares SSG Capital and selected new marquee investors. A part of the fund would be utilised for the proposed debt recast of its subsidiary Religare Finvest Ltd, which is under the corrective action plan of the Reserve Bank of India (RBI) since January 2018 due to its weak financial health.