Bennett, Coleman and Company Ltd and Aegon are also shareholders in the insurance company, which launched its pan-India operations in July, 2008.
"After a strategic review, Religare has expressed a desire to exit the joint venture. Religare and Aegon have agreed that Religare will exit once a replacement shareholder is identified and is approved by the regulatory authorities," according to a regulatory filing.
In the meantime, Religare said it remains fully committed to the joint venture.
Shares of Religare today ended nearly 1.9 per cent down at the BSE.