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Religare Enterprises stock falls 7% amid fundraising plans

The stock touched an intraday low of Rs 135.4 ,falling 7.58% against previous close of Rs 146.50 on BSE

Religare Enterprises share fell over 7% today despite the firm's plan to raise Rs 570 crore via preferential issuance of shares to a clutch of investors, including existing shareholders, to fund its business plans.

The stock has fallen after 5 days of consecutive gain.

The stock touched an intraday low of Rs 135.4 ,falling 7.58% against previous close of Rs 146.50 on BSE.

Religare Enterprises share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  The stock has gained 251.88% in one year and risen 95.4% since the beginning of this year.

The share hit 52-week high of Rs 156 on June 7, 2021 and 52-week low of Rs 32.40 on June 9, 2020 on BSE. Market cap of the firm fell to Rs 3,577 crore

Total 3.72 lakh shares changed hands amounting to turnover of Rs 5.19 crore on BSE.

The firm will issue 5.41 crore shares at Rs 105.25 per unit to existing shareholders like Burman family (Dabur Group), Ares SSG Capital and selected new marquee investors. The fund raised would be primary utilised as growth capital for investment in its subsidiaries businesses.

REL is the holding company for four key businesses -- SME finance via Religare Finvest Limited (RFL); health insurance via Care Health Insurance Limited (CHIL); retail broking via Religare Broking Limited (RBL); and affordable housing via Religare Housing Development Finance Corporation Limited (RHDFCL).