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Financial services firm Religare Enterprises said that it would raise as much as Rs 800 crore through issuance of equity shares on rights basis.

The board of directors of the company approved to raise funds up to Rs 800 crore (with an option to increase the issue size by up to 10 per cent) through issuance of equity shares on rights basis to the existing shareholders of the company, Religare Enterprises said in a regulatory filing.

A committee of directors had been constituted to consider and approve specific aspects in relation to this matter, the filing added.

According to an earlier report in the Economic Times, the company is raising funds through a rights share sale to ensure that its holding is maintained ahead of a possible bid for a banking licence. The company is investing in insurance and investment banking to become an emerging market financial services firm.

Shares of the company were trading in the positive territory, and gained as much as 2 per cent to touch an intra-day high of Rs 492.50, even as the broader market was in the red. It was later trading at Rs 485 at 2 pm.

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