Religare clarifies warrant allotment source, terms for $15 bn issuance

Religare Enterprises Limited issued a clarification regarding its September 12, 2025 announcement on warrant allotments. The company stated that the earlier communication mistakenly attributed the outcome to a board of directors meeting when, in fact, it was the Investment, Borrowing & Share Allotment (IBSA) Committee that approved the issuance. This correction was due to an inadvertent clerical/typographical error.

The IBSA Committee, on September 12, 2025, approved a preferential allotment of up to 63,829,782 warrants. Each warrant is convertible into one equity share with a face value of INR 10 at a price of INR 235 per warrant, totaling an aggregate consideration of INR 14,999,998,770. Warrants can be converted within 18 months of allotment, requiring an upfront payment of 25% of the consideration, which has been received for all allottees.

The allotment was made to 11 investors, including promoters and non-promoters. M.B. Finmart Private Limited (promoter) received 95,744,688 warrants, with a total consideration payable of INR 2,249,999,980. JM Financial Credit Solutions Limited (non-promoter) received 93,617,022 warrants, with a total consideration payable of INR 2,199,999,970. Upon conversion, equity shares will be fully paid-up and rank pari passu with existing equity shares.