Religare Enterprises Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting
RELIGARE · price
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Religare Enterprises has issued a corrigendum to its EGM notice dated July 11, 2025, after NSE directed the company to provide additional details via an observation letter dated July 23, 2025. The EGM, scheduled for August 8, 2025, will seek shareholder approval for a preferential issue of 63,829,782 convertible warrants at INR 235 each, aggregating up to INR 1,500 crores (assuming full conversion). The issue proceeds will be deployed as: INR 600 crores into Care Health Insurance (subsidiary), INR 200 crores into Religare Broking (wholly owned subsidiary), INR 250 crores into Religare Housing Development Finance (step-down subsidiary), INR 75 crores for debt repayment, and up to 25% (INR 375 crores) for general corporate purposes, to be utilized within 12 months of fund receipt. Post-issue share count will rise from 33.07 crore to 39.45 crore shares, with promoter holding increasing from 25.83% to 29.74%. Warrants carry 25% upfront payment with balance 75% on conversion within 18 months, failing which the amount is forfeited.
Shareholders should review the revised disclosures before voting at the August 8, 2025 EGM. The capital raise will strengthen Religare's insurance, broking, and housing finance subsidiaries while reducing group debt, but will dilute existing shareholders by roughly 19% on full warrant conversion, with promoters' stake rising materially.