Religare Enterprises announced that Customers Bancorp Inc. (CUBI), a full-service bank headquartered in the US, regulated by the Federal Reserve, and trading on the NASDAQ, has agreed to invest upto $ 51 million in Religare Enterprises through a combination of primary and secondary market investment which included an investment for the Indian rupee equivalent of upto US$ 28 million of share warrants issued by the company on preferential allotment basis, as per SEBI floor price and as per applicable law. However issue of share warrants was subject to approval of Foreign Investment Promotion Board (FIPB).
FIPB had given its approval on 03 December 2013 allowing CUBI to invest upto US$ 28 million in Religare Enterprises in form of share warrants. As per SEBI ICDR guidelines, the company had to allot share warrants within 15 days from date of FIPB approval i.e. till 18 December 2013.
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