Religare Enterprises to raise Rs 1802.48 crores

Religare Enterprises Limited has announced that the Board of Directors of the Company in their meeting held on October 30, 2008 have inter-alia considered and approved the fund raising proposal of Rs.1802.48 Crores through issue of Equity Shares on Rights basis(Right Issue) to the existing shareholders in the ratio of 2:3, at a price of Rs.355 per share and Promoters have given their firm commitment to subscribe for the unsubscribed portion, if any, of the said Right Issue.

The Board approved the Increase in Authorised Share Capital of the Company from existing Rs.160 Crores to Rs.250 Crores.

The Board also approved the increase in the Borrowing Powers of the Company from existing Rs.500 Crores to Rs.3000 Crores.

The stock closed on Wednesday at Rs.326, down by Rs.1.45 or 0.44%. The stock hit an intraday high of Rs.334.85 and low of Rs.321.

The total traded quantity was 157300 at an average price of Rs 327.87.

Source : Equity Bulls

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