Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Religare Enterprises to raise up to Rs 1200 crore, inducts 3 new board members

Posted On: 2018-02-18 02:44:34

The Board of Religare Enterprises met on Saturday, Feb. 17th, 2018 to induct three new Board members. The three new Board members are Mr. Vikram Talwar, a highly experienced banker and entrepreneur; Mr. P. Vijaya Bhaskar, retired Executive Director of the Reserve Bank of India; and Mr. Siddharth Mehta, the founder of Bay Capital Partners. This is subject to normal regulatory approvals.

The company also announced plans to raise additional funds of up to Rs 1200 crore through a combination of equity and debt. The company plans to use the proceeds for investments to bolster its capital and to make investments in subsidiaries as required.

With the induction of the new Board members, Religare has embarked on an urgent effort to populate the Board with highly experienced professionals in the field of finance, corporate governance, corporate strategy and administration.

Mr. Vijaya Bhaskar will chair the Audit Committee while Mr. Ashok Mehta has been appointed interim CEO. The search for a full time CEO and other senior management is being started on an immediate basis with plans for appointments in due course. The Board intends to ensure that the company and its subsidiaries are adequately staffed with highly experienced finance and management professionals.

The changes are at the initiative of a consortium of investors with the objective of instilling the highest levels of corporate governance and effective management in Religare and its subsidiaries.

Mr Vikram Talwar said, "Religare today embarks on a turnaround to achieve growth and profitability backed by strong focus on internal controls and processes as well as the highest levels of integrity and corporate governance. Our first task is to set the house in order by placing a team of high quality professionals to lead the business. We look to make Religare the most trusted brand for our customers, employees and all other stakeholders and are committed to ensuring that their interests are always served."

Mr Vijaya Bhaskar added, 'The company will strive to achieve the highest levels of corporate governance both in letter and in spirit."

As previously announced, Mr. Malvinder Singh and Mr. Shivinder Singh, promoters of the company, have resigned from the Board and have no further association with the company nor any responsibilities for its management and governance.

A special sub-committee of the Board comprising of three new Board members has been appointed to review the entire business of the company and any specific governance issues: Sub-committees of the Board for Audit, Risk, Corporate Governance and Compensation have also been reconstituted. The Board intends to establish a clear long term strategy for the company with- the objectives of ensuring financial stability, prudent growth and strong profitability.

VIKRAM TALWAR

Vikram Talwar is a highly experienced finance professional who worked at Bank of America for 26 years in several senior management roles in Asia and the US. In 2000, he founded EXLHoldings Inc, a major business process outsourcing company that was listed on the Nasdaq in 2006. Amongst his various positions he has been on the board of ING Vyasa Bank from 2011 to 2015. He has also held board positions in various companies in Singapore and the US. Vikram is a MBA from Indian Institute of Management (11M),Ahmedabad and attended St Stephen's College, Delhi.

SIDDHARTH MEHTA

Siddharth is the founder of Bay Capital with a career spanning over 15 years in asset management. Bay Capital has a highly successful track record of investments in India. Siddharth holds a bachelor's degree in Business Management and Finance from King's College, University of London. He currently serves on the Board of Directors of IL&FS Energy Development Company Ltd and several other private businesses.

P. VIJAYA BHASKAR

P. Vijaya Bhaskar is a career central banker and retired as Executive Director of the Reserve Bank of India. During his long career at the RBI from 1981 to 2011, he was predominantly overseeing the regulatory and supervisory functions of RBI in banking and non-banking. He also worked as the nominee director of RBI in a major public sector bank.

ASHOK MEHTA

Mr. Ashok Mehta has been a Non-Executive Independent Director of Religare Enterprises Ltd., since January 25, 2018. Mr. Mehta has more than three decades of diversified experience across Legal, Finance, Real Estate & Infrastructure sectors. He has executed an array of Infrastructure & Construction Projects across India and has received awards for Excellence in Leadership for Construction and Design from All India Achievers Foundation, New Delhi. He graduated in Law with Distinction from Lucknow University.

Shares of RELIGARE ENTERPRISES LTD. was last trading in BSE at Rs.60.2 as compared to the previous close of Rs. 57.65. The total number of shares traded during the day was 3300214 in over 6148 trades.

The stock hit an intraday high of Rs. 60.5 and intraday low of 54.8. The net turnover during the day was Rs. 191134783.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Delta Magnets Ltd approves merger of Arrow Textiles Ltd and MMG

NBCC India Ltd secures business of Rs. 921.67 crore in August 2018

G E Shipping takes delivery of Secondhand Very Large Gas Carrier 'Jag Vasant'

RBI allows Rana Kapoor to continue as MD & CEO of YES Bank till Jan 31, 2019

Asian Paints Ltd announces sad demise of Shri Ashwin Choksi

CCI imposes penalty of Rs. 12.35 crore to Bajaj Hindusthan Sugar Ltd

Blue Coast Hotels Ltd hands over possession of Goa hotel to ITC

Shankara Building Products Limited opens its 134th Store

Allahabad Bank to raise Rs. 1500 crore through QIP in 2018-19

Manali Petrochemicals Ltd to commence supply of new products from Sep 19, 2018

HPL Electric Participates in 12th edition of 'Renewable Energy India Expo 2018'

Vaibhav Global Ltd allots 1666 shares

Kanpur Plastipack Ltd extends date for payment of final call money

Newgen Software Technologies Ltd signs agreement with HP for supply of software licences

Raghav Productivity Enhancers Ltd bestowed with Rajasthan Udyog Ratan Award 2018

Varroc Engineering arm forms JV with ELBA SA

Nucleus Software's lending software goes live at VietCredit Finance Joint-Stock Company

Glenmark Pharmaceuticals inducted into the DJSI Emerging Market 2018

HFCL bags purchase order worth Rs. 611 crore from BSNL

26 young people with type 1 diabetes successfully surmount 13,000 feet in 'India's 2nd T1D Challenge 2018'

TVS Motor Company strengthens its presence in Mexico

Brand Idea urges people for 'Responsible Use of Social Media' through the latest #MeriRealLife campaign

Bharti Foundation expands Quality Support Program to Karnataka

Ambuja Cement among the top 5 in global DJSI ranking-2018

Dish TV: D2H brand increases focus on South, launches new customer awareness TVC

Tata Steel Limited completes the acquisition of 51% equity stake in Creative Port Development Private Limited

Clariant Chemicals India Ltd updates on announcement from holding company

Lupin appoints Alok Sonig as CEO - US Generics and Global Head - Generics R&D & Biosimilars

KIOCL Ltd approves buyback of 1,25,88,235 equity shares at Rs. 170

IL&FS Transportation Networks Ltd arm gets claim from NHAI

Vyapar Industries Ltd approves sale of part investment in Beneficent Knowledge Parks & Properties Ltd

TI Financial Holdings Limited to change name

NIIT Technologies introduces Chain-m, a Blockchain powered solution for Airlines and its partners

Steel Strips Wheels Ltd announces resignation of CFO

RITES Ltd secures additional turnkey contract work for Rs. 436 crore

Sun Pharma announces receipt of European Commission approval for ILUMETRI® by Almirall

Tata iQ Selects TCS Jile™ to Drive Agile Transformation

ICICI Prudential Life and Saraswat Co-operative Bank sign bancassurance partnership

Woodpecker Distilleries & Breweries Private Ltd. launches Blackfort Lager Beer

DAC Approves Procurement of Equipment Worth Rs 9,100 Crores

ITI Limited Conferred with National Safety Awards

Future Market Networks Ltd completes acquisition of 50% in Future Retail Destination Ltd

Strides Pharma Science Ltd updates on USFDA inspection at Bangalore facility

Lime Chemicals Ltd appoints company secretary

Indian Hume Pipe Company Ltd receives LoA for Rs. 221.72 crore order

PNC Triveni Sangam Highways Pvt Ltd achieves financial closure

Financial Creditors initiate CIRP against Pratibha Industries Ltd

Bank of Baroda confirms intimation received on merger of Vijaya Bank and Dena Bank

L&T Construction Wins Orders Valued Rs. 2048 Crore

TVS NTORQ 125 crosses 1 lakh sales mark, launches new Metallic Red colour





Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018