Religare Enterprises’ (REL) indirect subsidiary - Religare Wealth Management (RWML) has entered into a definitive agreement on February 17, 2017 with Anand Rathi Group to sell its interests in its wealth management business subject to necessary approvals. The expected date of completion of sale is March 31, 2017.
RWML reported a revenue of Rs 24.84 crore in FY2015-16 and its net worth as at March 31, 2016 was Rs 0.73 crore, translating to approximately 0.55% of consolidated revenue and approximately 0.02% of consolidated net worth of REL for the year ended March 31, 2016.
Religare Enterprises is one of India’s leading diversified financial services groups. It offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.
