Religare Enterprises Arm To Divest Stake In RPMA

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.

Religare Enterprises Arm To Divest Stake In RPMA
Religare Enterprises: Quotes, News
BSE 266.00BSE Quote4.3 (1.62%)
NSE 265.55NSE Quote2.8 (1.05%)
"RGAM Investment Advisers Pvt Ltd., wholly-owned subsidiary of the company, has executed a binding term sheet to divest its stake in Religare Portfolio Managers and Advisors Private Limited (RPMA)," the company said in a filing to the Bombay Stock Exchange.

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.

Read more about: religare enterprises
Story first published: Tuesday, May 3, 2016, 12:50 [IST]
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