International Conveyors Acquires Religare Enterprises for 3.13 Crore

International Conveyors Limited has acquired 1,40,000 equity shares of Religare Enterprise Limited, an investment company, for a cash consideration of 3.13 Crore. The target entity, Religare Enterprises, has a turnover of 7354.236 Cr. as per the last audited financials (FY 2024-25). The acquisition is not a related party transaction and does not require any governmental or regulatory approvals. The acquisition is for investment purpose. Religare Enterprises Limited offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Capital Markets. The target entity has a significant presence in India and has a turnover of 6234.786 Cr. and 4676.456 Cr. in FY 23-24 and FY 22-23 respectively.