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Shares of Religare Enterprises jumped to hit upper circuit limit of 10 per cent at Rs 42.95 per share on the Bombay Stock Exchange on Thursday after the company announced its plan to sell Religare Finvest to TCG advisory for an undisclosed amount. Between July 5 and today, the stock has rallied 51 per cent from a level of Rs 28.50 apiece. In comparison, the S&P BSE Sensex has lost 2 per cent during the same period.
Pursuant to the divestment, TCG Advisory would also acquire an indirect interest in Religare Housing Development Finance Corporation, which is a subsidiary of RFL, the company told stock exchanges. The transaction is subject to receipt of statutory and regulatory approvals and fulfillment of other conditions precedent and is expected to consummate before December 31, which date may be further extended by the parties mutually, the company said. Meanwhile, the BSE Sensex was at 38,744.18, up by 187.27 points or 0.49 per cent at 12:05 hours.