Religare Enterprises Ltd has received approval from the Reserve Bank of India for the appointment of Mr. Srinivasan Karthik as the Managing Director of Religare Finvest Ltd (RFL). The regulatory nod formalizes his leadership position within the group's financial services arm.

The company communicated the development through a regulatory filing, confirming that the central bank has sanctioned the proposed appointment. This approval is a mandatory requirement for the position of Managing Director at a non-banking financial company.

Mr. Srinivasan Karthik's role will involve overseeing the strategic direction and operational management of Religare Finvest Ltd. The approval process ensures compliance with the fit and proper criteria established by the regulator for key managerial personnel in the financial sector.

Ashish Dhawan has increased his shareholding in Religare Enterprises Limited to 5.42% of the total diluted share capital through a combination of secondary market purchases and the conversion of warrants. The disclosure, submitted under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, details the acquisition of 30,30,852 shares. This transaction raises the acquirer's stake from a previous 4.35% of the total share capital carrying voting rights to 5.24% post-acquisition.

Details of the Acquisition

The increase in shareholding was achieved through two primary modes: secondary market transactions and the conversion of warrants. Dhawan acquired 13,30,852 equity shares via the secondary market since his last disclosure on April 17, 2026. Additionally, 17,00,000 warrants issued at ₹235 per warrant were converted into an equal number of equity shares with a face value of ₹10 each on June 04, 2026. The acquirer received intimation of this allotment on June 20, 2026.

Shareholding Breakdown

Prior to these transactions, Dhawan held 1,48,50,000 shares carrying voting rights, representing 4.35% of the total share capital. He also held 53,19,148 warrants. Following the acquisition and conversion, his holding of shares carrying voting rights increased to 1,78,80,852, while his warrant holding adjusted to 36,19,148 after the conversion of 17,00,000 warrants.

*Note: The figure in parentheses represents the extinguishment of warrants upon conversion, reducing the total diluted capital count attributable to warrants.

Capital Structure Impact

The equity share capital of Religare Enterprises Limited before the acquisition was 33,28,90,479 shares. Following the allotment of shares from the warrant conversion on June 04, 2026, the equity share capital increased to 34,12,33,742 shares. The total diluted share capital post-acquisition, which includes the assumption of full conversion of outstanding convertible warrants and ESOPs, stands at 39,68,19,811 shares.