Religare Enterprises Limited IPO To Open On 29th October 2007

Religare Enterprises Limited (the "Company"), a financial services company in India offering a wide range of financial products and services targeted at retail investors, high net worth individuals, corporate and institutional clients, is entering the capital markets with its initial public offering ("IPO") of 7,576102 equity shares of Rs. 10 each ("Equity Shares") for cash, at a price to be decided through a 100% book building process ("Issue"). The Bid/ Issue will open on October 29, 2007 and will close on November 1, 2007. The Price Band has been fixed between Rs. 160 to Rs. 185 per Equity Share. The Company is promoted by the promoters of Ranbaxy Laboratories Limited and the Issue has been graded by ICRA Limited and assigned the IPO Grade 3 on a five point scale. The Equity Shares of the Company, offered through this IPO, are proposed to be listed on National Stock Exchange of India Limited ("NSE") and the Bombay Stock Exchange Limited ("BSE"). At least 60% of the Issue will be allocated to Qualified Institutional Bidders ("QIBs") on a proportionate basis, of which 5% will be available to Mutual Funds only. Further, upto 10% of the Issue will be available to Non-Institutional Investors and upto 30% of the Issue will be available for allocation on a proportionate basis to Retail Individual Investors. The Issue will constitute 10% of the fully diluted post issue capital of the Company. The objective of the Issue is to fuel the future growth plans of the Company including the expansion of the domestic operations as well as the network of branches of two of its subsidiaries, Religare Securities Limited and Religare Insurance Broking Limited. It plans to fund the retail finance business as well as expand its financing activity, through its subsidiaries, Religare Finvest Limited and Religare Finance Limited. Religare Enterprises Ltd. has entered into an investment agreement with Indopark Holdings Limited, an indirect wholly owned subsidiary of Merrill Lynch & Co. Inc., wherein it has agreed to issue and allot 3,788,050 Equity Shares representing a 5.56% ownership of the paid-up share capital of the Company worth Rs. 606.09 million. Religare Enterprises Ltd. is a holding company of 11 subsidiaries, which are engaged in a wide range of financial products and services targeted at the retail, high net worth individuals and the corporate and institutional clients. Along with its various subsidiaries, it offers a wide range of services ranging from equities, commodities, insurance broking, to wealth advisory, portfolio management services, personal finance services, investment banking and institutional broking services. It has divided its product and service offering under three broad client interface categories: "Retail Spectrum", "Wealth Spectrum" and "Institutional Spectrum". Religare Enterprises Ltd. ("REL") has a wide reach, diversified product portfolio with distinctive expertise and a focused servicing model. It has a growing client base built on a well-recognised brand. As on September 30, 2007, it had six regional offices and 40 sub-regional offices across 392 cities and towns controlling 1,217 business locations (managed by it along with its business associates) all over India as well as a representative office in London. It has a region-focused entrepreneurial management team leading 6,500 employees (as on September 30, 2007). It is geared to address the competitive challenges of discount brokerage through an online investment portal --- www.religareonline.com. REL's principal subsidiaries include: Religare Securities Ltd. ("RSL"), Religare Finvest Ltd., Religare Commodities Ltd. and Religare Insurance Broking Ltd. REL has a majority stake in the joint venture ("JV") special purpose vehicle ("SPV"), Religare Insurance Holding Company Limited ("RIHCL"), which has been formed to enter into a JV (called AEGON Religare Life Insurance) with a leading global life insurance and pension company, AEGON International N.V. REL's subsidiary RSL has a 50:50 asset management JV with AEGON called Religare AEGON Asset Management Company (AMC) for making a foray into the mutual fund and AMC business. REL has signed a JV with Macquarie Bank Limited to expand its wealth management business wherein Macquarie will become [subject to receipt of necessary approvals] a 50% shareholder of REL's subsidiary Religare Wealth Management Services Limited, which is expected to be renamed Religare Macquarie Wealth Limited. RSL has an agreement with IndusInd Bank to offer online trading services as well as with Vijay Co-Operative Bank Ltd. and Tamilnad Mercantile Bank Ltd. to offer offline trading services. REL's consolidated Total Income increased from Rs. 311.27 million in fiscal 2006 to Rs. 3,201.18 million in fiscal 2007. Its Net Profit increased from Rs. 106.20 million in fiscal 2006 to Rs. 250.21 million in fiscal 2007. It posted a consolidated Total Income of Rs. 3,079.64 million and a Net Profit of Rs. 367.26 million during the first half of fiscal 2008. The Book Running Lead Managers ("BRLMs") to the Issue are: Enam Securities Private Limited and Citigroup Global Markets India Private Limited

Note: Religare Enterprises Ltd. is proposing, subject to market conditions and other considerations, an initial public offering ("IPO") of its equity shares and has filed its Red Herring Prospectus ("RHP") with the Registrar of Companies, New Delhi. The RHP is available on the website of the SEBI at www.sebi.gov.in; and on the respective websites of the BRLMs at www.enam.com and www.citibank.co.in. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same should see the section titled "Risk Factors" in the RHP. This press release is not an offer for sale within the United States of any equity shares or any other security of the Company. Any equity shares of the Company may not be offered or sold in the United States absent registration under applicable U.S. securities laws or an exemption from the registration requirements under such laws. The proposed offering of securities described in this press release has not been and will not be registered under the United States Securities Act of 1933, as amended (the "Act"), and, accordingly, any offer or sales of these securities may be made only in reliance on an available exemption from or in a transaction not subject to the registration requirements of the Act.

For further details contact: Mr. Subhrangshu Neogi Religare Enterprises Ltd. Mob: +91- 9910993925, +91-9811793686 Mr. Himanshu Kapadia Adfactors PR Mob: + 91-9821358418