Religare Enterprises lists at 75% premium

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Religare Enterprises lists at 75% premium

Religare Enterprises Limited lists at 75% premium. Ends debut day at Rs 525.3 on the NSE; Rs 521.7 on the BSE. Touches intra-day high of Rs 601 on the NSE; Rs 600 on the BSE

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Religare Enterprises Limited (the "Company"), a financial services company offering a wide range of financial products and services targeted at retail investors, high net worth individuals, corporate and institutional clients, listed at Rs 323.75 on the National Stock Exchange ("NSE") and the Bombay Stock Exchange ("BSE"), a premium of 75% over its Issue Price fixed at Rs 185 per equity share.  

On the NSE, the scrip touched an intra-day high of Rs 601 and finally ended the day at Rs 525.30, up 184% above the Issue Price with volumes of 16.05 million shares. On the BSE, the scrip touched an intra-day high of Rs 600 and finally ended the day at Rs 521.70, up 182% above the Issue Price with volumes of 11.12 million shares.  

During the listing ceremony conducted at the NSE, Mr. Bharat Bhushan, one of the oldest clients of the Company, had the privilege of sharing the podium with Mr. Sunil Godhwani (CEO, Religare Enterprises Ltd.) during the striking of the symbolic gong and the clicking the mouse to commence the trading.  

The initial public offering ("IPO") comprised 7,576,102 Equity Shares for cash at the Price decided through a 100% book building process ("Issue"). The Issue opened on October 29, 2007 and closed on November 1, 2007 . The Issue constitutes 10% of the fully diluted post issue capital of the Company.  

The Issue was subscribed approximately around 160.56 times based on the preliminary bidding data received from the stock exchanges on the closing day. T he Qualified Institutional Bidders ("QIBs") portion was subscribed approximately around 184.944 times; the Non Institutional Bidder portion was subscribed approximately around 215.4 times; and the Retail Bidder portion was subscribed approximately around 93.5 times. The number of application forms was 655,021.  

The Company is promoted by the promoters of Ranbaxy Laboratories Limited and the Issue has been graded by ICRA Limited and assigned the IPO Grade 3 on a five point scale. The net proceeds of the Issue will be utilized towards expansion of the domestic operations as well as the network of branches of two of its subsidiaries, Religare Securities Limited and Religare Insurance Broking Limited; funding the retail finance business as well as funding the leading business, through investment in its subsidiaries, Religare Finvest Limited and Religare Finance Limited. Religare Enterprises Limited is a holding company of 11 subsidiaries, which are engaged in the business of providing a wide range of financial products and services targeted at the retail, high net worth 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: "Retail Spectrum", "Wealth Spectrum" and "Institutional Spectrum".  

The Book Running Lead Managers (" BRLMs") to the Issue are: Enam Securities Private Limited and Citigroup Global Markets India Private Limited.

Sourced From: Adfactors Public Relations Pvt Ltd