Religare Enterprises’ promoters - Malvinder Mohan Singh and Shivinder Mohan Singh have sold 6.13% stake in the diversified financial services major of Rs 322.50 crore. The billionaire brothers have sold 9,161,875 shares, amounting to a 6.13% stake at an average price of Rs 352 a share through the open market route. The shares were purchased by CB Green Ventures and India Horizon Fund.
In order to meet the Reserve Bank of India eligibility norms for new banks, the 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% stake.
Religare Enterprises (REL) is one of India’s leading diversified financial services groups. REL offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.
