Religare adds weight to emerging markets investment bank with senior hire
-- Nikhil Bahel joins as Managing Director –

LONDON, December 21, 2009: Religare Hichens Harrison (RHH), the investment banking business of Religare Enterprises Ltd. (REL), a diversified financial services group, today announced the appointment of another senior hire in Managing Director Nikhil Bahel. Based in London, Nikhil will be responsible for cross border M&A activities and will head the firm’s Telecom, Media and Technology (TMT) offering for India.

Nikhil was most recently with Goldman Sachs (GS), where he co-created the bank’s Indian operations and managed the TMT franchise. He supported the operational and diversification strategies of India’s TMT players and led deal teams advising Vodafone on the $26.5bn infrastructure joint venture Indus Towers, Telenor on acquiring its $1.1bn controlling stake in Unitech Wireless and Infosys Technologies Ltd. on its $1.6bn ADR offering.

Commenting on the appointment, Mr. Martin Newson, CEO of Global Investment Banking at Religare said: “I’m delighted to welcome an investment banker of Nikhil’s calibre into our team. He represents yet more evidence of Religare’s committment to establish a leading emerging market investment banking platform and brings important sector, product and geographical expertise that will serve our client base well.”

Nikhil has served as Co-Chairman of the Venture Capitalist Association of India and has co-authored a debt capital markets working paper for the Indian Government. Prior to joining GS in India, Nikhil spent two years working in the TMT division of GS in New York following six years at Citigroup, where he developed his expertise in capital raising and M&A. He was educated at the Leonard N. Stern School of Business at New York University and at the University of Delhi.

Nikhil’s appointment at RHH comes soon after the arrival of Nick Holtby from UBS as Global Head of Trading and Sales Trading, as well as several other senior hires in the second half of 2009 to sales, sales trading and equity research.

Religare Hichens, Harrison plc. (RHH) is a part of Religare Enterprises Limited (REL) – a diversified financial services group. Religare acquired Hichens, Harrison & Co, believed to be one of the oldest broking firms of London, in 2008, before renaming the company.

REL is committed to create in RHH a global emerging markets investment and advisory business. RHH is continually adding to its suite of investment products and strengthening its team.

RHH is an authorized and regulated broker for companies traded on the AIM Market, a PLUS Markets member broker-dealer, a PLUS Markets member corporate adviser and a member of the Dubai International Financial Exchange.

Currently, the principal areas of activity for RHH are - corporate broking, corporate finance, institutional broking and sales, contracts for difference and private client stock broking.

A diversified financial services group with a pan-India and global presence, Religare Enterprises Limited (REL) offers a comprehensive suite of customer-focused financial products and services targeted at retail investors, high net worth individuals and corporate and institutional clients.

REL, along with its joint venture partners, offers a range of products and services in India, including asset management, life insurance, wealth management, equity and commodity broking, investment banking, lending services, private equity and venture capital. Religare has also ventured into the alternative investments sphere through its holistic arts initiative and film fund.

The company has many firsts to its credit. With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare operates in the life insurance space under ‘Aegon Religare Life Insurance Company Limited’ and has launched India’s first wealth management joint venture under the brand name ‘Religare Macquarie Private Wealth’.

It has launched India’s first 360 degrees Arts Initiative – with a gallery as well as the first SEBI approved Film Fund- institutionalizing the film space and augmenting the alternate asset class of investments products.

REL’s IPO listing on the national exchanges in 2007 was a huge success with the oversubscription figures shooting up to almost 163 times, which is a record till date.

REL operates from seven domestic regional offices, 43 sub-regional offices, and has a presence in 503 cities and towns controlling 1,873 business locations all over India.

“Religare Enterprises Limited proposes, subject to receipt of requisite approvals, market conditions and other considerations, to make a rights issue of its equity shares to its existing shareholders and has filed a draft letter of offer (“DLOF”) with the Securities and Exchange Board of India (“SEBI”). The DLOF is available on the website of SEBI at www.sebi.gov.in as well as on the websites of the lead manager at www.enam.com. Investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the section titled “Risk Factors” of the DLOF.”

Religare Hichens Harrison plc.

100 Canon Street, London, EC4N 6EU

Telephone: +44 (0) 20 7444 0500 Fax: +44 (0) 20 7444 0815