Indian Stock Market

Religare Enterprises Limited IPO

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Religare sets IPO band.

Religare Enterprises has set a price band of Rs 160-185 per share for its initial public offer, the financial services firm said in a statement.

At upper end of the band, the firm, which is selling 7.57 million shares, would raise Rs 1.4 billion ($35 million).Enam Financial Consultants and Citigroup are advising Religare, founded by the the owners of Ranbaxy Laboratories .Merrill Lynch has bought a 5 percent stake in the firm.
Religare Enterprises Limited is Ranbaxy Laboratories Limited promoted financial product and service provider company.Religare provide its service in three different segments including Retail, Wealth management and the Institutional spectrum. It offers wide range of services including equities, commodities, insurance broking, wealth advisory, portfolio management services, personal finance services, Investment banking and institutional broking services. Religare’s retail network spreads across more than 900 locations across more than 300 cities and towns in India.

Pre-IPO Placement: Merrill Lynch Buys 5% In Broking Firm Religare For Rs 62 Crore

Delhi-based broking firm Religare Enterprises has placed 5 per cent with US investment bank Merrill Lynch for Rs 61-62 crore in a pre-IPO placement, reports The Economic Times. This values Religare, the financial services company owned by the promoters of Ranbaxy laboratories, at Rs, 1,220 crore to 1250 crore. The investment which carries a one year lock in period clause, will be made by Indopark Holdings, a wholly owned subsidiary of Merrill Lynch & Co Inc.
Meanwhile, Religare has filed Draft Red Herring Prospectus with SEBI for an IPO to raise about Rs. 150-160 crore from the capital markets. Religare proposes to issue 11,364,152 equity shares of Rs. 10 each at a price to be decided through a 100 per cent book building process.

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