MUMBAI, June 27 India's Religare Enterprises Ltd
said late on Wednesday U.S.-based bank Customers
Bancorp Inc will invest $51 million in the financial
services firm through a combination of stake sale by founders
and issue of share warrants and fresh shares.
The transaction is part of a plan by Religare's founders,
billionaire brothers Malvinder and Shivinder Singh, to bring
down their holding to 49 percent in order to qualify for a
banking licence in India.
Pennsylvania-based Customers will buy shares worth $22
million from the founders. It will invest another $28 million in
preferential share warrants in Religare, convertible within 18
months, and subscribe to fresh shares worth $1 million, Religare
said in a statement.
It did not specify how much Customers Bancorp would own in
Religare after the transaction.
India's central bank issued guidelines in February allowing
any type of company to set up a bank.