Promoters sell 2.7% stake in Religare Enterprises

The stake was sold to Mehta & Mehta Real Estate

Promoters of Religare Enterprises, Shivinder and Malviner Mohan Singh sold about 2.7% stake in the company in a series of block deals on Monday. According to data on the BSE, the two brothers sold 40.44 lakh shares at a price of Rs 345 per share. The total value of the deal was Rs 139.5 crore.

The stake was sold to Mehta & Mehta Real Estate.

On Tuesday, the stock of Religare Enterprises was up 0.6% to Rs 374.40. Religare Enterprises, a diversified financial services major, is in the running for a banking license.

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%.

As of June 2013, the promoter share-holding of the company stands at 71.75%. Earlier in the month, the promoters had sold 6.13% stake. That along with the 2.7% stake-sale on Monday brings the  total promoter share-holding down by 8.83%.

The broader markets were also flat on Tuesday. The BSE Sensex was down 0.01% at 19,377.05, while the NSE Nifty was up 0.09% at 5,740.65.