Stanchart invests Rs 100 cr in Religare Finvest
These CCDs would convert into equity shares of Religare Finvest to the extent of 40 per cent at the end of 13 months and at the end of 25 months at a price to be fixed as per Controller of Capital Issues (CCI) guidelines, Religare said in a release.
The CCDs will form part of the Tier II capital of the company and will help further in increasing the capital adequacy ratio of the company.
Religare Finvest (RFL) is wholly owned subsidiary of Religare Enterprises and is a non-banking finance company (NBFC) registered with Reserve Bank of India (RBI).
Religare Enterprises shares were trading at Rs 384.20, nearly 0.18 per cent down from Monday's close.