Religare Enterprises allots 5617977 Equity Shares on conversion of warrants

Religare Enterprises Ltd has announced that the Offer Committee of the Board of Directors of the Company in their meeting held on November 30, 2010 approved the allotment of 56,17,977 fully paid-up equity shares of Rs. 10/- each ("Equity Shares") of the Company, for cash at a price of Rs. 445/- per Equity Share including a premium of Rs. 435/- per Equity Share on conversion of Warrants issued on September 23, 2010, to RHC Finance Pvt. Ltd., (a wholly owned subsidiary of RHC Holding Pvt. Ltd, one of the Promoter Group Companies).

Pursuant to the aforesaid allotment of the Equity Shares, Company has received the balance 75% consideration i.e. Rs. 187.50 Crores towards allotment of the above-mentioned Equity Shares on conversion of Warrants (25% of total consideration i.e. Rs. 62.50 Crores was received by the Company at the time of allotment of warrants).

Consequent to this allotment, shareholding of Promoters and Promoter Group entities stands increased from 8,64,65,016 Equity Shares (64.69%) to 9,20,82,993 Equity Shares (66.11%).

The aforesaid allotment of Equity Shares is in accordance with all applicable provisions including but not limited to the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 on preferential issue. The aforesaid allotment of Equity Shares was approved by the Members of the Company at the Extra-ordinary General Meeting held on September 20, 2010.

The stock closed the day at Rs.490, down by Rs.2.70 or 0.55%. The stock hit an intraday high of Rs.504.85 and low of Rs.485.15.

The total traded quantity was 0.55 lakhs compared to 2 week average of 0.40 lakhs.

Source : Equity Bulls

Keywords