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2 investors file suits against Religare Enterprises, unit

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2 investors file suits against Religare Enterprises, unit

NYLIM Jacob Ballas India Fund III LLC and Resurgence PE Investments Ltd. filed separate petitions against Religare Enterprises Ltd. and unit Religare Finvest Ltd. in relation to the exercise of their put options against their investments in the unit.

The company said Nov. 28 that the investors filed the petitions with a court in New Delhi to commence arbitration proceedings against Religare Enterprises and Religare Finvest. Jacob Ballas Fund and Resurgence PE Investments invested 2 billion rupees and 1.5 billion rupees, respectively, in Religare Finvest in 2012 and 2011, The Hindu Business Line reported.

As an interim relief, the investors requested the court to direct Religare Enterprises to deposit the total claimed amount of 6.71 billion rupees or provide a bank guarantee for the same amount and take steps to prevent depletion of their investments.

As of Nov. 28, US$1 was equivalent to 64.47 Indian rupees.