Religare, PCBL shares rally up 7%; stock exchanges seek clarification on news developments

Shares of Religare Enterprises Ltd and PBCL Ltd (erstwhile Philips Carbon Black Ltd) rallied up to 7 per cent in Wednesday's trade, with stock exchanges seeking clarifications from the companies on two separate developments.

In the case of PCBL Ltd, BSE sought clarification on news suggesting that the company was looking to raise funds from DBS Bank to part-finance its proposed acquisition of Aquapharm Chemicals.

ET reported that the Singapore-based bank committed Rs 210 crore and would be the anchor investor in PCBL's Rs 700 crore proposed bond issue. The PCBL stock rose 7.12 per cent to hit a high of Rs 326.10 on BSE.

"The General Information Document dated 18 January 2024 read with the Key Information Document dated 18 January 2024 has been filed on the EBP Platform of the BSE Limited on 18 January 2024," the company said.

"The disclosure document provides the information in relation to the anchor portion of the proposed issue of listed, rated, secured, redeemable non-convertible debentures aggregating INR 700 crore (“Proposed Issue”). As disclosed in the Disclosure Document, DBS Bank Ltd. is the anchor investor (“Anchor”) in relation to the Proposed Issue for 30% for the issue size (amounting to INR 700 crore), i.e., INR 210 crore," PCBL clarified to BSE later.

In the case of Religare Enterprises, BSE sought clarification on a news suggesting the Burmans had received CCI approval to buy stake in Religare Enterprises.

As per a news appearing on the Mint, the fair trade regulator gave its approval for the acquisition of a 5.27 per cent stake in Religare Enterprises by entities controlled by the Burman family. It also approved to a subsequent open offer to buy up to another 26 per cent of the financial services firm.

The Religare Enterprises stock rose 5.62 per cent to hit a high of Rs 229.25 on BSE.

As per PTI, CCI allowed a total four entities to buy Religare's 5.27 per cent through stock market purchase and another 26 per cent through an open offer. The four entities—MB Finmart Pvt Ltd, VIC Enterprises Pvt Ltd, Puran Associates Pvt Ltd and Milky Investment and Trading Company— are controlled by the Burman family.

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