Religare Plans to Raise Rs.500 Cr Through NCDs

Bangalore: Religare Finvest, a wholly-owned NBFC subsidiary of Religare Enterprises, said it is planning to raise up to Rs.500 crore through retail issuance of non-convertible debentures (NCDs) to support its financing activities.

The company will raise NCDs aggregating up to Rs.250 crore with an option to raise an another Rs.250 crore in case of over-subscription.

"Public Issue by our company of NCDs aggregating up to Rs.250 crore with an option to retain over-subscription up to Rs.250 crore for issuance of additional NCDs aggregating to a total of up to Rs.500 crore," Religare Finvest said in a filing to regulator Sebi.

Religare Finvest said proceeds of the issue would be used for its various financing activities, including lending and investments.

In addition, funds would be used to repay the company's existing debt and to meet its capital expenditure and working capital requirements.

Overseas investors have pumped in over Rs.6,700 crore in the equity market this month so far amid hopes of the government's fresh initiatives on policy reforms.