NEW DELHI: Malvinder Mohan Singh stepped down from the post of non-executive chairman at Religare Enterprises. It also inducted former Reserve Bank of India deputy governor Kishori Udeshi as an independent director.The company plans to sell a state through an issue of fresh shares. ET reported the news on its website Tuesday afternoon.In a statement, the company said the “board also decided to raise fund through issue of fresh shares in Religare Enterprise and its subsidiaries. It will also make an open offer under the takeover code to pick up an additional 26% stake,” said the person with knowledge of the discussions.In the statement, promoters Malvinder Mohan Singh and Shivinder Mohan Singh said: “We have always believed in that a professional management should run a diversified and highly regulated business such Religare. However, in July 2016, due to sliding business performance, we had to return” to the board.

Source: Economic Times November 14, 2017 09:22 UTC