Religare Enterprises has set a price band of Rs 160-185 per share for its initial public offer (IPO). The IPO is likely to hit the market by this month-end. The company is selling 75.7 lakh shares through IPO. At upper end of the band the firm would raise Rs 140 crore.
Global financial services player Merrill Lynch has bought a 5% stake in Religare Enterprises for about Rs 60 crore through its subsidiary Indopark Holdings.
Religare is a Delhi-based financial services-cum-brokerage outfit, founded by the the owners of Ranbaxy Laboratories.
Religare Enterprises is the holding company for all its businesses, with its subsidiaries, Religare Securities, Religare Wealth Management Services, Religare Capital Markets and Religare Insurance Broking, among others.
Religare recently joined hands with Dutch insurer Aegon to set up a life insurance and asset management venture in the country. The joint venture will be investing over Rs 1,000 crore in the initial phases of the project. |