India: Religare Finvest to raise $100m via rights, existing PE investors may invest

Religare Finvest Ltd, a unit of Religare Enterprises Ltd, plans to raise Rs650 crore ($100 million) through a sale of stock to existing shareholders to boost its capital adequacy ratio, two people close to the development said. The so-called rights issue comes against the backdrop of the company writing off its large exposure to ABG Shipyard Ltd. The exposure is estimated at Rs180 crore.