Page 5 - Religare Enterprises

Religare revamps board, appoints S Lakshminarayanan as executive chairman

Beleaguered financial services firm Religare Enterprises has revamped its board and management team. The company has appointed S Lakshminarayanan, former secretary, government of India, as executive chairman. Lakshminarayanan is also the current chairman and independent director of Shriram Transport Finance Co. Meanwhile, promoter Malvinder Singh has relinquished his position as non-executive chairman and but will continue as a non-executive board member. "We have always believed that a professional management should run a diversified and highly regulated business such as Religare. However in July 2016, due to sliding business performance, we had to return back on the board. Since then we have been engaging closely with the members of the board and the management to understand and address the issues and took a series of corrective measures to stabilize the company. We now feel the time has once again come for us to hand over the reins to a new committed professional team to drive ...

Singh brothers' stake halves to 25.3% in Religare Enterprises

The shareholding of the promoters of financial services firm Religare Enterprises has halved to 25.33 per cent in the last quarter. The fall in holding of billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh and entities they control, reported to the exchanges in the latest shareholding pattern as of September 30, has come amid several attempts by their Japanese adversary Daiichi Sankyo, which has moved courts, to block the sale of brothers' assets. Sankyo has been seeking to enforce an arbitral award relating to its acquisition of Ranbaxy holdings, almost a decade ago. All four promoter entities, which held big chunks in Religare, saw their holdings fall. Malvinder now holds 3.6 per cent against 6.23 per cent earlier, while the younger brother's stake fell to 1.5 per cent, a fourth of his previous holding. RHC Finance emerged as the largest promoter entity with a holding of 12.2 per cent (down from 16.31 per cent). RHC Holding, which was earlier the main holding firm

Sunil Godhwani's exit underlines Religare's slide

Sunil Godhwani, who oversaw the growth of ReligareEntrerprises from a small non-banking finance company, quit its board on Wednesday amid deepeningtroubles for the financial services major. Godhwani is the fourth director to quit in the past few months. The resignation comes at a time when the company's fundraising plans and proposed related party transactions are under scrutiny fromlenders and proxy advisory firms. In April, Monish Kant Dutt, a nominee of IFC, resigned fromReligare board. Dutt's resignation came less than two weeks after RaviMehrotra, a non-executive director, stepping down from Religare board.Following this, the company postponed its FY17 results andeventually released it with qualified opinion of auditors. The auditors were,among other things, concerned over regulatory scrutiny over loans given togroup entities by the lending subsidiary Religare Finvest. This further led torating firms downgrading the papers of the company and its subsidiaries. On July 28, another .

Religare Enterprises downfall continues; stock tanks 63% in one month

The stock hit a new low of Rs 38.15, down 5% on back of heavy volumes.

Religare Enterprises seeks shareholders' approval to raise Rs 500 cr

The company has proposed special resolution at its annual general meeting on September 21, 2017

Religare Enterprises locked in 10% upper circuit on heavy volume

In past three months, it tanked 54%, as compared to 8% rise in the S&P BSE Sensex till Wednesday

Religare Enterprises hits record low

The stock hit a record low of Rs 149, down 6%, extending its 9% decline in past three trading days.

Edelweiss, Piramal in race to buy 2 Religare arms

Private equity fund AION Capital Partners has shown interest only for the housing finance business

Religare auditors issue qualified opinion on dismal FY17 results

RBI move on Rs 1,845 cr corporate loan book of NBFC arm raises concerns

Religare shares wobble on uncertainty over results

Promoter entities report pledge of additional shares in early May

Singh brothers shift gear amid headwinds

The focus is on a move to a 'cleaner and tighter structure' amid top-level exits

Religare to exit Religare Health Insurance for Rs 1,040 cr

PE firm True North will buy Religare's entire 80% stake in RHI

Religare Enterprises elevates Maninder Singh as Group CEO

Earlier, he was chief business officer at REL

Religare Enterprises hits record low

Thus far in 2016, the stock dipped 29% as compared to 7% rise in the S&P BSE Sensex

Singh brothers return to Religare board as sell-off continues

The two Singh brothers, who are the main promoters of the company, had quit Religare Board in April 2010

Religare Enterprises subsidiary exits from US-based affiliates

Transaction was closed on July 22, following the receipt of all required approvals

Not enough details on Religare's Northgate deal, says proxy firm

Religare sold California-based Northgate Capital in April

Religare Enterprises gains after completing exit from its asset management JV

On BSE, so far 1,227 shares were traded compared with an average volume of 8,544 shares in the past one quarter