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Religare Enterprises to infuse Rs 100 cr in broking, housing finance business

Friday, 11 Jun 2021
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Religare Enterprises (REL) is planning to invest over Rs 100 crore in the housing finance business and the broking unit out of Rs 570 crore of equity capital it will raise from investors.

The broking venture, with a focus on the retail segment, will grow organically and also look at inorganic opportunities.

The Board of Directors on 8 June 2021 approved raising of funds to the tune of Rs 570 crore by preferential allotment of 54.15 million equity shares at a price of Rs 105.25 per share.

Axis Capital is acting as a sole advisor to the above transaction. The transaction is subject to requisite permissions, sanctions and approvals as may be necessary.

REL has four key businesses -- Religare Finvest (RFL) for SME finance, Care Health Insurance (CHIL) - health insurance, Religare Broking (RBL) and Religare Housing Development Finance.

The housing business, which is a subsidiary of RFL, also needs capital to scale up business, especially lending for affordable homes.

The company will invest over Rs 400 crore towards the growth of RFL which is undergoing debt restructuring. The country's largest lender the State Bank of India is leading the consortium of lenders involved in the debt recast.

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