| Global financial services player Merrill Lynch has bought a five per cent stake in Religare Enterprises, a Delhi-based financial services-cum-brokerage outfit, for about Rs 60 crore through its subsidiary Indopark Holdings. |
| The deal values Religare Enterprises, which has filed a draft document for an initial public offering (IPO), at about Rs 1,212 crore. The IPO is likely to hit the market by this month-end. |
| Indopark Holdings will get 37,88,050 shares post-IPO and these shares will have a lock-in period of one year, as stipulated by the Securities and Exchange Board of India (Sebi) rules. |
| Religare Enterprises, which is promoted by the Ranbaxy group founders, is planning to raise close to Rs 150-160 crore through the IPO. |
| Religare Enterprises is the holding company for all its businesses, with its subsidiaries, Religare Securities, Religare Wealth Management Services, Religare Capital Markets and Religare Insurance Broking, among others. |
| Religare recently joined hands with Dutch insurer Aegon to set up a life insurance and asset management venture in the country. The joint venture will be investing over Rs 1,000 crore in the initial phases of the project. |
Source: Business Standard