Country's one of the leading diversified financial services groups, Religare Enterprises Ltd (REL) said that it's wholly-owned subsidiary, RGAM Investment Advisers Pvt Ltd., has executed a binding term sheet to divest its stake in Religare Portfolio Managers and Advisors Pvt Ltd. (RPMA) for an undisclosed amount.
The company further said that, the closing of the transaction is subject to customary conditions including necessary regulatory approval processes.
The company had entered into the sale agreement on April 29, 2016 and the transaction is expected to be completed on June 30, 2016, it added.
Varanium Advisory Pvt. Ltd. (VAPL) will buy the stake, the company said in a filing.
Meanwhile, shares of Religare Enterprises were trading at Rs 280 apiece, down 0.60 per cent, from previous close on BSE at 10:33 hours.