RHC Finance Pvt Ltd, along with RHC Holding Pvt Ltd, proposes to acquire 2.8 crore shares of Religare Enterprises Ltd, representing 21.7% of the current share capital (20% of the diluted share capital) of the target company.
The shares will be bought at a price of Rs457 apiece. There are no partly paid-up equity shares of the Religare Enterprises Ltd, according to the lead manager, Kotak Mahindra Capital Company Ltd. This offer is not subject to any minimum level of acceptance. The offer opens on 13th October and closes on 1 November 2010.
On Wednesday, Religare Enterprises shares declined 4.5% to Rs478 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% down at 18,179 points.
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