Religare Enterprises Ltd is ready to raise 300 crore through rights issue to grow its health insurance business, said Rashmi Saluja, executive chairman.
“REL as a promoter and a major shareholder is fully committed to subscribe to its share. equity of 567 crores had already been raised from Kedara Capital in 2020, which included the primary investment in the Care Health business, which is growing at 40% annually,” Saluja said in an interview.
it was also raised 570 crore through preferential issue in July 2021 from long-term marquee investors. The firm invested funds in various verticals to develop its broking business as well as housing. “The funds have also been set aside for one-time settlement for its NBFC unit with the bankers. The process of one-time settlement with the lenders has already been initiated,” said Saluja.
Founded by brothers Malvinder and Shivinder Singh facing fraud charges, Religare is headed by a new management and a professionally managed independent board. Since the acquisition, the firm has been working to leave behind old issues and make a difference through a multi-pronged strategy for its financial services division. “we paid 8,500 crore to banks despite Kovid. REL has become debt-free after Religare Finvest Ltd has repaid its debt, he said. “We are building a war chest to finance the development of all subsidiaries, including health insurance. And before that will raise more money. end of the year.”
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