Religare Enterprises Ltd (REL) and several of its fully owned entities will approach the National Company Law Tribunal (NCLT) for the proposed amalgamation of these subsidiaries into REL.
In December, the REL board had okayed the merger plan of its 11 fully owned entities with itself for better synergy and to simplify corporate structuring.
"The board of directors of each of the transferor companies and the transferee company has decided to make requisite application and/or petitions before the National Company Law Tribunal (NCLT) and other applicable provisions for the sanction of this scheme," REL said in a regulatory filing.
Religare Securities (excluding broking business), Religare Commodity Broking, RGAM Investment Advisers, Religare Venture Capital, Religare Arts Investment Management, Religare Capital Finance, RGAM Capital India, Religare Investment Advisors, Religare Support Services, Religare Arts Initiative and Religare Capital Markets (India)-are to be merged into REL.
REL and the transferor companies have decided to combine the resources by amalgamating transferor companies to maximise synergies, reduce costs and consolidate resources while eliminating multiple legal entities, it added.
Religare Enterprises is holding company for its diversified financial services groups.
Stock of the company today closed 2.12 per cent down at Rs 226.20 on the BSE.
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