Religare fixes IPO Price at Rs 185 per Equity Share

Mumbai, November 5, 2007: Religare Enterprises Limited (the "Company"), a financial services company in India offering a wide range of financial products and services targeted at retail investors, high net worth individuals, corporate and institutional clients, has fixed the Issue Price at Rs. 185 per equity shares of Rs. 10 each ("Equity Shares") (upper end of the Price Band) for its initial public offering ("IPO") of 7,576,102 Equity Shares for cash, decided through a 100% book building process ("Issue"). The Price Band had been fixed between Rs. 160 to Rs. 185 per Equity Share. The Issue opened on October 29, 2007 and closed on November 1, 2007.

The Issue was subscribed approximately around 160.56 times based on the preliminary bidding data received from the stock exchanges on the closing day. The Qualified Institutional Bidders ("QIBs") portion was subscribed approximately around 184.944 times; the Non Institutional Bidder portion was subscribed approximately around 215.4 times; and the Retail Bidder portion was subscribed approximately around 93.5 times. Number of application forms were 655,021

The Company is promoted by the promoters of Ranbaxy Laboratories Limited and the Issue has been graded by ICRA Limited and assigned the IPO Grade 3 on a five point scale. The Equity Shares of the Company, offered through the IPO, are proposed to be listed on National Stock Exchange of India Limited ("NSE") and the Bombay Stock Exchange Limited ("BSE"). The Issue will constitute 10% of the fully diluted post issue capital of the Company.

The net proceeds of the Issue will be utilized towards expansion of the domestic operations as well as the network of branches of two of its subsidiaries, Religare Securities Limited and Religare Insurance Broking Limited; funding the retail finance business as well as funding the leading business, through investment in its subsidiaries, Religare Finvest Limited and Religare Finance Limited.

Religare Enterprises Limited. is a holding company of 11 subsidiaries, which are engaged in the business of providing a wide range of financial products and services targeted at the retail, high net worth individuals and the corporate and institutional clients. Along with its various subsidiaries, it offers a wide range of services ranging from equities, commodities, insurance broking, to wealth advisory, portfolio management services, personal finance services, investment banking and institutional broking services. It has divided its product and service offering under three broad client interface categories: "Retail Spectrum", "Wealth Spectrum" and "Institutional Spectrum".

The Book Running Lead Managers ("BRLMs") to the Issue are: Enam Securities Private Limited and Citigroup Global Markets India Private Limited.

Source : Equity Bulls

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