Religare Enterprises gets board nod for IFC's $75 million investment
MDT/PTI 02 October 2012

Religare received approval from its board for $75 million investment by the World Bank unit IFC through preferential allotment

 
New Delhi: Religare Enterprises said it has received approval of the board for World Bank arm International Finance Corp (IFC)'s $75 million (about Rs400 crore) investment in the company, reports PTI.
 
The entity is the holding company of financial services conglomerate Religare Group.
 
In a statement, Religare Enterprises said it has received the company board's approval for $75 million investment by the IFC through preferential allotment.
 
The board approved the investment on 29th September. The transaction is subject to customary documentation and approvals.
 
"This investment by a marquee investor such as IFC at the Religare holding company level is a strong endorsement of the Religare Enterprises business model and its underlying portfolio," Religare Enterprises Group CEO Shachindra Nath said.
 
"We have endeavoured hard over the last few years to create a distinctive and diversified financial services franchise that fundamentally believes in the long term growth potential offered by the Indian market," Nath said.
 
Last week, Religare had said its board would consider the proposal for issue of Compulsory Convertible Debentures on the preferential allotment basis to IFC, a member of the World Bank Group.
 
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