Religare up 3.8% on stake sale rumours, firm denies

The Economic Times reported that the two promoter brothers Malvinder Singh and Shivinder Singh were looking to exit Religare Enterprises.

By: ENS Economic Bureau | New Delhi | Published:May 5, 2015 2:42 am

Shares of Religare Enterprises, promoted by Malvinder Singh and Shivinder Singh, jumped by up to 3.8 per cent on Monday, following a newspaper report which said that the promoters are looking to sell their stake in the company.

While the company spokesperson denied the claim, he added that the company has been in the process of asset valuation ,in a bid to execute its plan of raising capital amounting to up to Rs 1,000 crore as decided by the board in July 2014.

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“Religare Enterprises, as the holding company for a large, diversified financial services group, keeps exploring various strategic alternatives from time to time, with a view to raise primary capital for funding growth and also diversifying its shareholding by introducing new institutional investors within its fold. On July 31, 2014, the board of directors of REL had approved raising of funds for an amount not exceeding Rs 1,000 crore through issuance of equity or equity linked instruments. We continue to proactively evaluate all options which can fulfill this and other strategic priorities of the company,” said the company in its statement. It further said that the company has not yet reached on any definitive arrangement with any potential investor.

On Monday, The Economic Times reported that the two promoter brothers Malvinder Singh and Shivinder Singh were looking to exit Religare Enterprises.

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