Financial services firm Religare Enterprises, last week, approved fund raising worth Rs 570 crore via a preferential issue. The Burman Group will pick up 3.79 percent stake in Religare Enterprises, and will collectively own over 14 percent along with warrants.

Rashmi Saluja, Executive Chairperson of Religare Enterprises, told CNBC-TV18 that Burman’s are the single largest shareholder with 14.5 percent stake in the company.

“Burman’s have become the single largest shareholder. They are close to 14.4 percent. Existing shareholders have grown, and Ares SSG has also become close to 9.5 percent. There are other organisations that have joined in. Plutus, and Lakhi, have taken up a substantial role there, around 12 percent, Modi family has taken almost around 11-12 percent. Plutus has shown huge interest, and they have not only taken shares through the preferential capital, but they are also very bullish in participating in Religare Enterprises,” she said.

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Saluja also said that Religare has received approvals from BSE and NSE for the reclassification of promoters. “We had got the approval from the shareholders and the board. We applied in December 2020 for which, we have just got an approval from BSE and NSE for reclassification of the entire promoter and the promoter groups,” she said.

The company’s reported a loss of over Rs 1,000 crore in FY20. However, Saluja said that according to Reserve Bank of India’s (RBI) June 7 circular, companies like Religare are allowed to get into debt restructuring process.

“Three years back, the accumulated loss was around Rs 11,000 crore. But in last three years, we have already paid Rs 7,000 crore to the lenders. So that gives huge comfort to lenders that we are doing a good job, and they have allowed us to go for a second restructuring process in which the only difference was that we were wanting Religare Enterprises to be key shareholder investor for Religare Finvest (RFL) because RFL is a 100 percent subsidiary of Religare Enterprises,” she said.

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(Edited by : Dipika Ghosh)