Investment firm Religare Enterprises is reportedly planning to raise up to $96 million through a qualified institutional placement, while pumps and motors manufacturer Silver Consumer Electricals has closed a $48-million private placement round.
Religare plans to raise QIP
Religare Enterprises is preparing to raise up to $96 million through a qualified institutional placement (QIP), according to VCCircle.
The company will plan the fundraising after paying off a one-time settlement (OTS) amount it has reached with the lenders of its SME financing subsidiary, Religare Finvest Ltd.
The funding will be channelled into Religare’s asset reconstruction and wealth management business, reported VCCircle.
Founded in 1982, Religare offers financial services across broking, insurance, housing development, and non-banking financial services. The company is listed on BSE (formerly Bombay Stock Exchange) and National Stock Exchange (NSE) in India.
Silver Consumer closes private placement
Silver Consumer Electricals has closed a $48-million private placement round, per an announcement.
India Inflection Opportunity Fund, managed by Pantomath Capital Management Pvt Ltd, along with Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP, participated in the funding round, taking a 10% stake each. Pantomath Capital Advisors Private Limited acted as the sole investment banker for the transaction.
“We are looking at organic as well as inorganic growth. We are in advance discussions with a couple of businesses for a strategic tie-up with Silver. We are working on a mega expansion plan and post our private placement round, we are looking at preponing our growth trajectory,” said Vinit Bediya, Managing Director of Silver Consumer Electricals.
Founded in 2018, Silver Consumer Electricals is involved in inventing, designing, and developing pumps and motors catering to the agriculture, industrial and manufacturing, household, and energy segments.