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SummaryReligare Enterprises, the holding company of financial services conglomerate Religare Group, is planning to raise $75 million through issue of convertible debentures to World Bank arm IFC.

Religare to raise $75 m from IFC

Religare Enterprises, the holding company of financial services conglomerate Religare Group, is planning to raise $75 million (about R400 crore) through issue of convertible debentures to World Bank arm IFC. The proposal to this effect would be considered by the board of directors of Religare Enterprises in a meeting on September 29, the company said in a filing to the BSE. The board would consider the proposal “for issue of Compulsory Convertible Debentures on the preferential allotment basis to IFC, a member of the World Bank Group, for a rupee amount equivalent of approximately $75 million,” Religare Enterprises said. The company’s shares rose nearly 4% to close at R330 at BSE.

Reliance Life hires over 10,000 advisers

Reliance Life Insurance said it has hired over 10,000 advisers so far this fiscal and plans to appoint 40,000 more in next six months. The large-scale hiring drive is part of Reliance Life’s plans to strengthen its advisor base and it is focusing on Tier II and Tier III cities to hire the insurance advisors, the private sector insurer said. “We have added close to 10,000 insurance advisors in the past few months and are targeting to recruit 40,000 more by the end of the current financial year to increase our reach,” Reliance Life (R-Life) President and Executive Director Malay Ghosh said in a statement.

TM Bhasin appointed IBA dy chairman

The managing committee of Indian Bank’s Association (IBA) has appointed TM Bhasin as its deputy chairman effective October 1, 2012, until the conclusion of the annual general meeting of the association to be held in 2013. IBA is an apex advisory body of public sector, private sector and foreign banks in India. Bhasin had been associated with IBA since 2000 as honorary secretary of Delhi Chapter till 2007. As a member of managing committee of IBA, since 2010, Bhasin has been chairing the committees on financial inclusion and education and vocational loans.

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