Religare Enterprises gains after raising funds via NCDs

Religare Enterprises rose 2.33% to Rs 57.10 at 9:33 IST on BSE after the company said it has raised Rs 30 crore through issue of non-convertible debentures on private placement basis to one of its wholly-owned subsidiaries.

The announcement was made after market hours yesterday, 28 August 2017.

Meanwhile, the S&P BSE Sensex was down 170.06 points, or 0.54% to 31,580.76.

On the BSE, 29,000 shares were traded in the counter so far, compared with average daily volumes of 1.53 lakh shares in the past one quarter. The stock had hit a high of Rs 57.50 and a low of Rs 56 so far during the day. The stock hit a 52-week high of Rs 291.50 on 8 September 2016. The stock hit a record low of Rs 55.55 on 28 August 2017.

The stock had underperformed the market over the past one month till 28 August 2017, falling 45.02% compared with 1.73% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 70.45% as against Sensex's 1.90% rise. The scrip had also underperformed the market in past one year, falling 77.72% as against Sensex's 13.79% rise.

The small-cap company has equity capital of Rs 178.46 crore. Face value per share is Rs 10.

Religare Enterprises said the non-convertible debentures (NCDs) offer a yield of 11%.

Religare Enterprises reported net loss of Rs 47.39 crore in Q1 June 2017 as against net loss of Rs 25.84 crore in Q1 June 2016. Net sales declined 81.62% to Rs 2.57 crore in Q1 June 2017 over Q1 June 2016.

Religare Enterprises (REL) is the holding company for one of India's leading diversified financial services groups. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, affordable housing finance, health insurance and capital markets.

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