Malvinder Mohan Singh and Shivinder Mohan Singh, promoters of Religare Enterprises, on Wednesday proposed to make an open offer representing 20 per cent of the diluted capital of the company to other shareholders.
In a public announcement, the two promoter group entities - RHC Finance Pvt Ltd and RHC Holding Pvt Ltd, proposed to acquire about 2.80 crore shares from the shareholders of Religare Enterprises at Rs 457 a share.
The open offer will start on October 13 and close on November 1. The specified date for the open offer, managed by Kotak Mahindra Capital, is September 3.
At 12:23 pm IST, shares of Religare Enterprises were trading down Rs 3.80, or 0.76 per cent, at Rs 497 on the Bombay Stock Exchange (BSE).
On Tuesday, the company’s board cleared the proposal for further stake increase of over 8 per cent by Singh brothers in the company for Rs 857 crore. This will result in promoter holding in Religare Enterprises going up to 65.79 per cent from 57.1 per cent at present.
