Religare Enterprises Ltd. announced changes to its board and management and its intent to raise funds.
The India-based company appointed independent director Ashok Mehta to be a whole-time director and interim CEO, effective Feb. 17. His appointment is subject to the approval of the Reserve Bank of India.
Siddharth Mehta was named a nonexecutive nonindependent director, also subject to the central bank's approval. Mehta's appointment is effective upon receipt of the approval.
The company also named Vikram Talwar and P. Vijaya Bhaskar independent directors for a term of five years each, effective Feb. 17.
All appointments are subject to shareholder approval.
Further, the company intends to raise up to 12 billion rupees through the issuance of shares, convertible securities or debt, subject to necessary approvals.
As of Feb. 16, US$1 was equivalent to 64.34 Indian rupees.