<p>Promoters plans to increase their stake to 65.79 per cent from the existing 57.10 per cent, Religare Enterprises (REL) said in a statement.<br /><br />Religare Enterprises group COO Sachindra Nath said the open offer (for further 20 per cent stake) would begin next month and will be priced at Rs 445 a share.<br /><br />Shares of Financial services providers Religare gained 8.4 per cent, or Rs 39 a piece, to close at Rs 500.80 on the Bombay Stock Exchange today.<br /><br />Promoters would purchase 8.03 per cent stake through a combination of preferential allotment and warrant conversion for which they will shell out Rs 500 crore.<br /><br />Post-preferential allotment and warrant conversion, the the total paid-up share capital of the company would increase, diluting promoters' stake.<br /><br />Further, they would purchase 5.58 per cent stake for Rs 357 crore from the public, taking their total stake purchase to over 8 per cent.<br /><br />They have to announce an open offer for buying another 20 per cent as under the current regulatory norms a promoter has to make a public offer if his holding crosses 5 per cent limit a year.<br /><br />"The open offer would begin next month and will be priced at Rs 445 a share. The open offer announcement will come tomorrow," Religare Enterprises Group COO Sachindra Nath said.<br /><br />"The move will bolster our plans of making Religare a leading global financial services player from the emerging markets," REL Chairman and Managing Director Sunil Godhwani said.<br /><br />Earlier in July the board of Religare had approved the raising of funds to the tune of Rs 2,000 crore. <br /><br /></p>
<p>Promoters plans to increase their stake to 65.79 per cent from the existing 57.10 per cent, Religare Enterprises (REL) said in a statement.<br /><br />Religare Enterprises group COO Sachindra Nath said the open offer (for further 20 per cent stake) would begin next month and will be priced at Rs 445 a share.<br /><br />Shares of Financial services providers Religare gained 8.4 per cent, or Rs 39 a piece, to close at Rs 500.80 on the Bombay Stock Exchange today.<br /><br />Promoters would purchase 8.03 per cent stake through a combination of preferential allotment and warrant conversion for which they will shell out Rs 500 crore.<br /><br />Post-preferential allotment and warrant conversion, the the total paid-up share capital of the company would increase, diluting promoters' stake.<br /><br />Further, they would purchase 5.58 per cent stake for Rs 357 crore from the public, taking their total stake purchase to over 8 per cent.<br /><br />They have to announce an open offer for buying another 20 per cent as under the current regulatory norms a promoter has to make a public offer if his holding crosses 5 per cent limit a year.<br /><br />"The open offer would begin next month and will be priced at Rs 445 a share. The open offer announcement will come tomorrow," Religare Enterprises Group COO Sachindra Nath said.<br /><br />"The move will bolster our plans of making Religare a leading global financial services player from the emerging markets," REL Chairman and Managing Director Sunil Godhwani said.<br /><br />Earlier in July the board of Religare had approved the raising of funds to the tune of Rs 2,000 crore. <br /><br /></p>