Religare Enterprises Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on August 08, 2025
RELIGARE · price
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Religare Enterprises has called an EGM on August 8, 2025 (via video conferencing) to seek shareholder approval for issuing up to 6.38 crore warrants convertible into equity shares at INR 235 per warrant, on a preferential/private placement basis, aggregating up to approximately INR 1,500 crore. The warrants are proposed to be allotted to 11 allottees, including 4 promoter-group entities (M.B. Finmart, Puran Associates, Milky Investment and Trading, and VIC Enterprises) and 7 non-promoter entities/individuals (JM Financial Credit Solutions, Niralee Properties LLP, members of the Modi family, the Dhawan family, and Hindustan Times Limited). Each warrant, convertible into 1 equity share of face value INR 10, must be exercised within 18 months; 25% of the consideration is payable upfront, with the balance 75% due on conversion. The floor price determined under SEBI ICDR Regulations is INR 231.38 per share. Remote e-voting runs from August 5 to August 7, 2025, with the cut-off date for eligibility set as August 1, 2025.
If approved, this preferential issue will raise up to around INR 1,500 crore for the company but will lead to significant equity dilution once the warrants are converted over the next 18 months. Strong promoter-group participation signals confidence in the business, but existing public shareholders should factor in the potential dilution and the eventual increase in equity share count when assessing the stock.