NCLT Calls Meeting Of Religare, Subsidiaries In July For Merger
The National Company Law Tribunal has convened a meeting on July 18 of secured creditors of Religare Enterprises and its subsidiaries that are to merge with the company. The board of diversified group Religare Enterprises in December had given the go-ahead to the merger of some of its entities with itself for better synergy and simplifying the corporate structure.
Under the composite scheme of the merger, Religare Securities, Religare Commodity Broking, RGAM Investment Advisers, Religare Broking, among others, are to be merged with Religare Enterprises. The proposed scheme will help in achieving business and administrative synergy, reduce administrative costs and avoid duplication of efforts, Religare said.
"Pooling of resources of the transferee company and the transferor companies will lead to increased competitive and financial strength, cost reduction, and efficiencies, and logistic advantages to the business operations, optimise and release the capital allocation to the transferor companies," it added.
It will also reduce overheads, administrative and other expenditure, go for operational rationalisation, organisational efficiency and optimal utilisation of resources, which will be in the interest of the stakeholders, it added.
The amalgamation is designed to simplify the company's corporate structure, Religare had said in December.
The stock today closed 2.43 percent down at Rs 184.80 on the BSE.
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