Religare Enterprises Secures ₹1,500 Crore for Expansion Drive

Religare Enterprises plans to raise ₹1,500 crore through preferential warrants to support expansion, with ₹750 crore from the Burman family. The fundraise will involve issuing 6.38 crore warrants, each convertible into equity shares. The initiative aims to fuel growth and strategic initiatives with new leadership in place.

Religare Enterprises announced that its board has approved a plan to raise ₹1,500 crore through the preferential allotment of warrants. This financial move is designed to underpin business expansion and explore new strategic opportunities.

Prominently, entities associated with the Burman family are set to invest ₹750 crore, forming a significant portion of the fundraise. The remaining funds will come from partners like The Hindustan Times Ltd and various investors, including Ashish Dhawan and JM Financial Credit Solutions.

The fundraising strategy will involve the issuance of 6.38 crore warrants on a preferential basis, each priced at ₹235 and convertible into equity shares. This capital infusion comes in line with Religare's strengthened governance and strategic focus, supported by newly appointed directors with expertise in critical sectors.

(With inputs from agencies.)