Religare Stock Surges On Reporting Stake Sale Plan

The leading financial services company, ReligareEnterprises Ltd has announced its divestment plans in Religare Finvest to TCG AdvisoryServices. Post announcement, Religare Enterprises shares rallied on bourses on Thursday.

In a filing to the stock exchanges, Religare Enterprises notified that the company has entered into a binding agreement with TCG AdvisoryServices, ReligareFinvest and ReligareHousing Dev Finance Corp, whereby the company will divest its complete stake in its whohlly subsidiary Co Religare Finvest Ltd to TCG Advisory Services or any of its affiliates.

The ReligareEnterprises stock reacted to the development and touched its intraday high of Rs43.04-per share from its previous closing price of Rs.39.15 on the NSE, in Thursday’s trading session. Meantime, the benchmark index Nifty scaled at 11572.70 up 74 points and the Sensex quoted higher at 38806.14 up 249 points at 1.15pm.