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

Last Updated: Thursday, June 27, 2013, 12:21
 
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Religare Enterprises up 8% on investment from US-based bank
Mumbai: Shares of Religare Enterprises Ltd on Thursday soared by nearly 8 percent, after the company said US-based Customers Bancorp Inc has agreed to pick up 6 percent 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 percent to Rs 366 on the BSE.

At the NSE, the scrip climbed 6.27 percent 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 percent, the company said yesterday.

The promoters are selling the shares as part of their 22 percent 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.

PTI



First Published: Thursday, June 27, 2013, 12:21


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