Religare Enterprises has rallied 5% to Rs 355, extending its previous day’s 4% gain, after the company said US-based Customers Bancorp Inc agreed to invest $51 million (around Rs 305 crore) in various securities through a combination of primary and secondary market transactions.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
“Promoters are selling the shares as part of their 22% divestment to bring down their shareholding to 49% to qualify Religare Enterprises to setup non-operative financial holding company (NOFHC) as per Reserve Bank of India guidelines for licensing of new banks in the private sector issued on Feb 22, 2013,” Religare Enterprises said in a regulatory filing.
The stock opened at Rs 355 and hit a high of Rs 366 on BSE. A combined 134,516 shares have changed hands on the counter till 0958 hours on BSE and NSE.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
“Promoters are selling the shares as part of their 22% divestment to bring down their shareholding to 49% to qualify Religare Enterprises to setup non-operative financial holding company (NOFHC) as per Reserve Bank of India guidelines for licensing of new banks in the private sector issued on Feb 22, 2013,” Religare Enterprises said in a regulatory filing.
The stock opened at Rs 355 and hit a high of Rs 366 on BSE. A combined 134,516 shares have changed hands on the counter till 0958 hours on BSE and NSE.
