Religare Enterprises Ltd, a financial services provider promoted by Ranbaxy Laboratories, is entering the capital market with its initial public offer (IPO) of 75.76 lakh shares.
The issue will open on October 29 and close on November 1. "The funds raised through IPO would be invested for expansion of domestic operations as well as the branch network," Religare CEO Sunil Godhwani told reporters here today.
The price band has been fixed at Rs 160 to Rs 185.
Religare Enterprises is a holding company of 11 subsidiaries, which are engaged in offering financial services targeted at retail, high networth individuals besides corporate and institutional clients.
The company recently sold 5 per cent stake to Indopark Holdings, a subsidiary of Merrill Lynch, for Rs 60.6 crore.
We would offer 75,76,102 equity shares of Rs 10 each at a price to be decided through a 100 per cent book building process, Godhwani said, adding that the issue will constitute 10 per cent of the fully diluted post issue of the company.
At least 60 per cent of the issue will be allocated to qualified institutional bidders (QIBs) on a proportional basis, of which 5 per cent would be available to mutual funds.
Further, up to 10 per cent of the issue will be available to non-institutional investors and up to 30 per cent to retail investors on proportional basis.
Godhwani said the issue has been graded by credit rating agency ICRA Ltd and assigned the IPO grade 3 on a five point scale.
The equity shares of the company offered through this IPO, would be listed on Bombay Stock Exchange and National Stock Exchange.
The issue will open on October 29 and close on November 1. "The funds raised through IPO would be invested for expansion of domestic operations as well as the branch network," Religare CEO Sunil Godhwani told reporters here today.
The price band has been fixed at Rs 160 to Rs 185.
Religare Enterprises is a holding company of 11 subsidiaries, which are engaged in offering financial services targeted at retail, high networth individuals besides corporate and institutional clients.
The company recently sold 5 per cent stake to Indopark Holdings, a subsidiary of Merrill Lynch, for Rs 60.6 crore.
We would offer 75,76,102 equity shares of Rs 10 each at a price to be decided through a 100 per cent book building process, Godhwani said, adding that the issue will constitute 10 per cent of the fully diluted post issue of the company.
At least 60 per cent of the issue will be allocated to qualified institutional bidders (QIBs) on a proportional basis, of which 5 per cent would be available to mutual funds.
Further, up to 10 per cent of the issue will be available to non-institutional investors and up to 30 per cent to retail investors on proportional basis.
Godhwani said the issue has been graded by credit rating agency ICRA Ltd and assigned the IPO grade 3 on a five point scale.
The equity shares of the company offered through this IPO, would be listed on Bombay Stock Exchange and National Stock Exchange.
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