Religare board okays $431 million fund raising, posts loss

The board of financial services group Religare Enterprises has approved raising additional capital worth Rs20 billion ($431 million), the firm said on Saturday.

Religare has posted a consolidated net loss of Rs492.3 million ($10.6 million) during the April-June quarter, compared to a profit of Rs134 million ($2.9 million) year ago, it informed the exchanges.

The firm which is currently valued by the market at $1.15 billion, reported a 69% jump in its quarterly net sales to Rs4.06 billion, it said.