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Religare Enterprises’ promoters sell 2.7% stake for Rs 139.50 crore

01 Oct 2013 Evaluate

Religare Enterprises’ promoters - Malvinder Mohan Singh and Shivinder Mohan Singh have sold 2.7% stake in the diversified financial services major for Rs 139.50 crore. The billionaire brothers have sold 40.44 lakh shares, amounting to a 2.70% stake at an average price of Rs 345 a share through the open market route. The shares were purchased by Mehta & Mehta Real Estate.

According to the eligibility criteria laid down by the Reserve Bank of India, the public-shareholding of a company applying for a banking license cannot be less than 51%. Therefore, Religare is required to pare its promoter share-holding to 49%.

Recently, the promoters sold 6.13% stake in the diversified financial services major for Rs 322.50 crore. As of June 2013, the promoters holding in the company stood at 71.75% while institutions and non-institutions held 2.62% and 25.63% stake in the company, respectively.

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.

Religare Enterprises Share Price

220.85 -2.55 (-1.14%)
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