Religare to divest stake in its US-based investment firms

Religare Enterprises Ltd (REL) today said it will divest stake in company's US-based affiliates - Northgate Capital LLC and Northgate Capital LP - to The Capital Partnership Group for an undisclosed sum.
"The company has entered into a definitive agreement to divest its stake in Northgate Capital LLC and Northgate Capital LP, the US-based affiliates, which are part of its alternatives focused global asset management business, and their subsidiaries (Northgate)," Religare Enterprises said in a BSE filing.
The Capital Partnership Group will buy its stake, it added.
It further said: "REL holds its stake in Northgate through its step-down subsidiary, Religare Global Asset Management Inc, USA. The closing of the transactions is subject to customary conditions including necessary regulatory approval processes."

The transaction is expected to be completed by July 15.
Shares of the company were trading 1.86 per cent down at Rs 271.35 apiece on BSE.