REL to raise Rs 2,500 cr, net loss at Rs 98.45 cr | business | Hindustan Times
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REL to raise Rs 2,500 cr, net loss at Rs 98.45 cr

business Updated: Feb 15, 2011 12:56 IST

Financial services firm Religare Enterprises Ltd (REL) on Tuesday reported a net loss of Rs 98.45 crore for the third quarter ended December 31, 2010.

The company had posted a net profit of Rs 21.66 crore in the October-December quarter last fiscal, REL said in a filing to the Bombay Stock Exchange.

The total income of the company, however, registered a growth of 73.56% at Rs 716.78 crore in the December quarter against Rs 412.98 crore in the year-ago period, the filing added.

"While in the quarter gone by we saw some softness in the India business owing to pressure points in the financial markets, the structural story remains intact," REL Group CEO Shachindra Nath said.

In a separate filing to the BSE, REL said the company's board has approved fund raising of upto Rs 2,500 crore through issue of capital.

The filing also said that REL has appointed Ravi Mehrotra as an Additional Director (designated as Executive Director) on the board of the company with effect from on Monday.

Shares of REL were quoting at Rs 494.05 a piece, down 1.92% from previous close on the BSE.