Singh brothers sell 6.13 pct stake in Religare for Rs 322 cr

The shares were purchased by CB Green Ventures and India Horizon Fund.

Religare Enterprises’ promoters billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh today sold 6.13 per cent stake in the diversified financial services major worth Rs 322.5 crore.

Promoters of Religare,a non-banking financial services company and a major contender for new banking licences,had in June decided to sell nearly 23 per cent stake to meet the RBI eligibility norms for new banks.

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According to information available with the bourses,Singh brothers have offloaded a total of 91,61,875 shares,amounting to 6.13 per cent stake,of Religare at an average price of Rs 352 per share through open market route.

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The shares were purchased by CB Green Ventures and India Horizon Fund.

Individually,Malvinder Mohan Singh sold 60,41,875 shares,amounting to 4.04 per cent stake,of Religare for an estimated Rs 212.67 crore.

Besides,and Shivinder Mohan Singh shed 31.20 lakh shares,equivalent to 2.09 per cent holding,of Religare for Rs 109.82 crore.

The company had earlier announced its promoters,including Singh brothers,decided to lower their stake in Religare to 49 per cent,from 71.75 per cent currently,to meet the eligibility criteria for a bank licence.

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On June 26,Religare had announced said Customers Bancorp Inc of USA has agreed to pick up 6 per cent stake in the Delhi based banking aspirant for USD 51 million.

Religare shares today closed at Rs 347.65 apiece on the BSE,down 1.15 per cent from their previous close.

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