The board of India's Religare Enterprises Ltd. approved a plan to raise up to 9.16 billion rupees through the issuance of warrants.

The company will issue up to 175,559,960 of convertible warrants at an issue price of 52.20 rupees each to investors, according to a Feb. 19 release.

The issuance is subject to shareholder approval.

As of Feb. 19, US$1 was equivalent to 64.51 Indian rupees.