Of this amount, entities linked to the Burman family, owners of Dabur, will contribute Rs 750 crore, accounting for 50 per cent of the total fundraise, while the remaining amount will be infused by The Hindustan Times Ltd, investors Ashish Dhawan, JM Financial Credit Solutions and others.
“The promoters have reaffirmed their long-term commitment to the company’s growth trajectory by contributing Rs 750 crore; thereby providing support for business growth across verticals and driving strategic initiatives,” Religare Enterprises said in a statement.
As part of the approved plan, the company will raise capital through the issuance of 6.38 crore warrants on a preferential basis, each convertible into one fully paid equity share of Rs 10.
The warrants will be issued at Rs 235 apiece, aggregating the total fundraise to around Rs 1,500 crore. The company said that one warrant will be convertible into one equity share within 18 months.
Also Read: Burman family gains controlling stake in Religare Enterprises post open offerThe fundraise is intended to “fuel business expansion and drive new strategic initiatives”.Religare Enterprises Ltd (REL) said the recently appointed promoter nominee directors bring deep expertise across insurance, strategy, and financial services, further fortifying its governance and execution capabilities.
“With this capital infusion and new leadership at the helm, REL is well-positioned to sharpen its strategic focus, enhance governance standards, scale its core businesses, and pursue new growth opportunities,” the company said.
Axis Capital acted as the financial advisor to Religare Enterprises for this fundraising initiative.
