Religare

Religare Enterprises Limited
Public
Traded as
Industry NBFC
Headquarters New Delhi, India
Key people
  • Mr. Milind Patel (Group CEO)
[1]
Services
Subsidiaries
  • SME Finance - Religare Finvest Limited (RFL)
  • Retail Broking - Religare Broking Ltd (RBL)
  • Health Insurance - Religare Health Insurance Company Limited (RHICL)
Website www.religare.com

Religare Enterprises Limited (REL) is the holding company for one of India's leading diversified financial services groups, headquartered in New Delhi, India. It offers an integrated suite of financial services through its underlying subsidiaries and operating entities, includes Loans to Small and Medium Enterprises (SME)'s, Affordable Housing Finance, Retail Broking and Health Insurance. REL is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India.

History

Founded in 1982, initially Religare was a stock brokerage firm called Religare Securities Ltd (RSL) and was admitted to the National Stock Exchange (NSE) in 1994. In 2000, it secured membership of the Futures and Options segment of the NSE and also registered with National Securities Depository Limited (NSDL) as a depository participant.[2]

Religare Finvest, a group company, was founded in 2001 as a private non-banking financial institution. In 2002, RSL received registration as ‘Portfolio Manager’ from Securities and Exchange Board of India (SEBI). RSL registered with Central Depository Services Limited (CDSL) as a depository participant in 2003. It also became a stock broker at the Bombay Stock Exchange (BSE) in 2004. In the same year, Religare Commodities Ltd., a commodities broking company, started operations as a ‘trading cum clearing member’ at both the Multi Commodity Exchange (MCX) and the National Commodity and Derivatives Exchange (NCDEX).

An office was established in London in 2006. In 2006, RSL received registration as Merchant Banker in Category - I from SEBI. Religare announced a joint venture with Macquarie Bank Ltd. in October 2007 to expand its wealth management business. REL went public with an initial public offering (IPO) of its stock in November, 2007, which was oversubscribed 159 times.[3] The same year, RSL received membership of derivative segment of the BSE as trading-cum-clearing member.

AEGON Religare, a life insurance joint venture between AEGON, Religare and Bennett, Coleman & company, launched its pan-India operations in 2008. Religare Asset Management Company was formed on the back of Religare’s acquisition of Lotus India AMC and received the final regulatory approval from SEBI to launch mutual fund business in India. Religare entered into the institutional equities business and Religare Global Asset Management formed, for international expansion.. In May, 2015 Religare exited the life insurance joint venture. [4]

In 2011, Religare Finvest successfully issued non-convertible debentures (NCDs) worth Rs. 800 crore. In December 2011, Avigo Capital[5] and in January 2012, Jacob Ballas[6] invest in Religare Finvest Limited (RFL). In 2012 International Finance Corporation (IFC), an arm of World Bank Group, invested in Religare.[7] Religare Health Insurance Company Limited (RHIC) started operations in 2012.[8] Union Bank of India and Corporation Bank tie up with Religare Health Insurance. In 2013 Religare bought Macquarie's stake in the wealth management business. In the same year the name of Religare Mutual Fund was changed to Religare Invesco Mutual Fund. In 2014 Religare announced acquiring a 26% stake in YourNest Angel Fund through its Global Asset Management arm (RGAM).[9] Religare has exited its global asset management business. In February 2017, Anand Rathi Wealth Management acquired Religare’s wealth management business.[10] In April 2017, Religare announced that it had sold its stake to the True North a consortium of PE investors.[11].

References

  1. ↑ "Religare Board has approved appointment of Milind Patel as groups chief executive officer".
  2. ↑ "Company History - Religare Enterprises Ltd. - The Economic Times".
  3. ↑ "Official NSE India report 2008" (PDF).
  4. ↑ "Religare to exit from Aegon Religare Life Insurance".
  5. ↑ "Religare Finvest Raising Rs 150Cr From Avigo Capital - VCCircle".
  6. ↑ "Jacob Ballas to invest Rs 200 cr in Religare Finvest".
  7. ↑ "IFC to invest $75 m in Religare Enterprises - The Hindu BusinesLine".
  8. ↑ "Religare Health Insurance announces launch of its operations". 11 October 2012.
  9. ↑ "Religare Global buys stake in YourNest - The Hindu".
  10. ↑ "Anand Rathi Wealth Management acquires Religare's Wealth Management Business".
  11. ↑ "Religare sells 80% stake in health insurance arm to True North, others".
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