Religare Enterprises Outcome Of Board Meeting (22-Feb-2010)
Religare Enterprises Ltd has informed that the Board of Directors of the Company at its meeting held on February 22, 2010 approved the proposal to invest upto USD 1 Billion (including approval of the Board accorded by way of circular resolution for seeking permission of Reserve Bank of India for overseas investment upto USD 640 Million) for acquiring equity stake into diversified asset managers, each of such investment would be placed for further Board approval.
The Board further approved acquiring controlling stake of Northgate Capital LLC, USA and Northgate Capital, UK (subject to regulatory approvals if any) and delegated authority to sign all necessary documents, MOUs and agreements in this regard.
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