Ranbaxy investment arm Religare hikes rights issue target

Financial services firm Religare Enterprises Ltd (REL) has marginally revised upwards the funds targeted from its proposed rights issue from Rs1,802 crore to Rs1,850 crore. In a statement to the Bombay Stock Exchange on Thursday, the company said its board had approved increasing the size of the issue.

The other terms of issue like the price per share and ratio shall be considered and decided at later stage, the statement said. REL, which has made a few acquisitions in the past, plans to use the funds for further growth initiatives, the statement said.

The company had announced its plans to raise funds through a share issue in October last year. It had said that the rights issue would be in proportion of two shares for every three shares held, with a price of Rs355 a share.

The Delhi-based financial services holding company offers a range of financial services in the fields of insurance, asset management, stock and insurance broking, wealth management, and investment banking through various subsidiaries and joint ventures.