Shares of financial services provider, Religare Enterprises (REL) after listing on bourses today settled with 182% premium on the Bombay Stock Exchange (BSE).
Shares opened at a premium of Rs 139, or 75%, at Rs 323.75 as compared with the issue price of Rs 185 a share. It touched a high of Rs 600, a low of Rs 323.75. Shares finally closed with a premium of Rs 337, or 182%, at Rs 521.70. Total volume of shares traded was 11,197,820.
REL is a holding company of 11 subsidiaries, which are engaged in a wide range of financial products and services targeted at the retail, high networth individuals and the corporate and institutional clients. Along with its various subsidiaries, it offers a wide range of services ranging from equities, commodities, insurance broking, to wealth advisory, portfolio management services, personal finance services, investment banking and institutional broking services. It has divided its product and service offering under three broad client interface categories i.e. retail spectrum, wealth spectrum and institutional spectrum.
As on Sep. 30, 2007, REL had six regional offices and 40 sub-regional offices across 392 cities and towns controlling 1,217 business locations (managed by it along with its business associates) all over India as well as a representative office in London.
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