Religare Enterprises plans to raise Rs 9.16 billion by issuing warrants

Religare Enterprises plans to raise Rs 9.16 billion by issuing 175,559,960 warrants at an issue price of Rs 52.20.

The company will seek approval of shareholders at its extraordinary general meeting to be held on March 19, 2018, Religare Enterprises said in a regulatory filing.

The warrants will be issued to a number of entities on a preference basis.

The company said special resolution for approval of members of the company to issue up to 175,559,960 warrants in one or more tranches at issue price of Rs 52.20 on preferential basis will be held on March 19, it said.

It said the proceeds to be raised through the issuance of warrants will be used to meet long-term funding requirements of the company for growth capital, meet capital expenditure, to make investments as well as for general corporate purposes.

Shares of the company closed 4.69 per cent up at Rs 56.90 on BSE.