Religare IPO to open on Oct. 29

Religare IPO to open on Oct. 29

Religare Enterprises, a financial services company promoted by India`s biggest drugmaker Ranbaxy Laboratories, is set to knock the doors of the capital market with initial public offering (IPO) of 7,576102 equity shares of Rs 10 each for cash at a price to be decided through a 100% book building process. The issue will open on Oct. 29, 2007 and will close on Nov. 1, 2007. The price band has been fixed between Rs 160 to Rs 185 a share.

The issue has been graded by ICRA with an IPO Grade 3 on a 5 point scale. The equity shares of the company, offered through this IPO, are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Religare Enterprises entered into an investment agreement with Indopark Holdings, an indirect wholly owned subsidiary of Merrill Lynch, wherein it has agreed to issue and allot 3,788,050 equity shares representing a 5.56% ownership of the paid-up share capital of the company worth Rs 606.09 million.

Religare Enterprises is a holding company of 11 subsidiaries, which are engaged in a wide range of financial products and services targeted at the retail, high networth individuals and the corporate and institutional clients. Along with its various subsidiaries, it offers a wide range of services ranging from equities, commodities, insurance broking, to wealth advisory, portfolio management services, personal finance services, investment banking and institutional broking services. It has divided its product and service offering under three broad client interface categories i.e. retail spectrum, wealth spectrum and institutional spectrum.

Religare Enterprises has a growing client base built on a well-recognised brand. As on Sep. 30, 2007, the company had six regional offices and 40 sub-regional offices across 392 cities and towns controlling 1,217 business locations (managed by it along with its business associates) all over India as well as a representative office in London.Religare Enterprises Limited (Q, N,C,F)*



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