The founders of Indian financial services firm Religare Enterprises yesterday launched an open offer to buy 20% of the free-float of the firm for Rs12.8 billion $273 million. The move follows an announcement by the founders, brothers Malvinder and Shivinder Singh, earlier this week saying they will issue themselves shares and convertible warrants worth Rs5 billion and spend around Rs3.6 billion buying Religare shares in the open market.
Assuming the Singh brothers corner the maximum 20% of the issued share capital that they are offering to buy, their stake in Religare will increase to 85%. The brothers will then have to offload part of their holding to maintain a listing as they will...
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