Religare Enterprises approves allotting Rs 550-cr preferential equity shares

Mar 31 2014, 20:37 IST
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SummaryReligare Enterprises approved of allotting Rs 550 crore equity shares on preferential basis to two non-promoter companies.

Religare Enterprises today approved of allotting Rs 550 crore equity shares on preferential basis to two non-promoter companies, including Standard Chartered Bank.

"Religare Enterprises...has approved the proposal for preferential allotment of equity shares of the company amounting up to Rs 550 crore to Bestest Developers Private Limited and Standard Chartered Bank (Mauritius) Ltd," it said in a regulatory filing to the BSE.

Also read: Malaysia Airlines Flight MH370

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Chinese relatives of passengers on board the missing Malaysia Airlines flight MH370 say prayers at a Buddhist temple in Petaling Jaya, Malaysia, Monday March 31, 2014. Relatives from China are in the country to seek answers of what happened to their loved one on board flight MH370.(AP)

Company will be obtaining approval of shareholders of for proposed preferential allotment through postal ballot, it added.

Shares of the company today ended at Rs 318.35

apiece on the BSE, up 3.92 per cent from the previous close.

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