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Religare Enterprises to classify promoters as public shareholders

Press Trust of India  |  New Delhi 

conglomerate Enterprises today said the and groups of the company will be reclassified into public shareholding category.

"The Board of Directors has approved the proposal for re-classification of existing promoters and group into the public shareholder category as requested by them, subject to approval of shareholders of the company," Enterprises said in a statement.

Brothers Malvinder and Shivinder are the promoters of the company. While RHC and are the

The brothers and have brought down their shareholding in the company substantially over a period of time on a number of factors as also Malvinder and Shivinder quit from the boards of and Enterprises in February this year.

As on June 30, 2018, Malvinder and Shivinder held 0.56 per cent and 0.51 per cent respectively in the company. While, RHC and had 0.99 per cent and 0.95 per cent respectively.

The combined shareholding of the promoters and now stands at 3.01 per cent, substantially down from 50.93 per cent as on June 30, 2016 and even before that time. Other family members of the company had also significant stake in which now stands as nil.

The billionaire Singh brothers faced an international arbitration with Japan's Sankyo to make a payment of Rs 3,500 crore as the latter alleged that the former promoters of had concealed information about proceedings against them by the American and drug department.

Singh brothers had sold their shares in Ranbaxy to in 2008 for Rs 9,576.1 crore. later acquired the company from

The in January this year upheld the international arbitral award in favour of Japanese pharma

Religare also announced today that it has appointed as the Group of the company, replacing the

Mehta will stay on as non-executive non-independent director, subject to RBI approval, it said.

Patel comes with over 26 years of financial experience and has worked in select multinational and domestic financial institutions on diverse mandates.

A graduate in Commerce from Sydenham College, and Cost and Works Accountancy from the ICWAI, Patel also holds an MBA degree from Jamnalal Bajaj Institute of Management Studies,

has host of subsidiaries engaged in business of SME loans, housing finance, and among others.

Shares of traded 0.76 per cent down at Rs 45.65 on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 09 2018. 16:30 IST