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Tuesday, July 17, 2018

Religare Enterprises up 8% on investment from US-based bank

Shares of Religare jumped after it said Customers Bancorp has agreed to pick up 6% stake in it.

Written by PTI | Mumbai | Published: June 27, 2013 11:54:41 am

Shares of Religare Enterprises Ltd today soared by nearly 8 per cent,after the company said US-based Customers Bancorp Inc has agreed to pick up 6 per cent stake in it for USD 51 million (about Rs 300 crore).

Reacting to the news,shares of the financial services company opened the day on a positive note and further jumped 7.74 per cent to Rs 366 on the BSE.


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At the NSE,the scrip climbed 6.27 per cent to Rs 360.

The multi-structured deal is part of Religare’s attempt to enter the banking fray,under which the promoters have to bring down their stake to under 49 per cent,the company said yesterday.

The promoters are selling the shares as part of their 22 per cent divestment to qualify REL to set-up NOFHC as per RBI guidelines for licencing of new banks in the private sector issued on February 22,2013.

The US lender will pick up the stake in Religare through a combination of primary and secondary market investment,the financial services firm said.

This transaction would be done as per applicable law at prevailing market price on date of purchase,it said.

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