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Religare Enterprises’ promoters billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh on Thursday sold 6.13 per cent stake in the diversified financial services major of Rs 322.5 crore.
The promoters of Religare, a non-banking financial services company and a major contender for new banking licences, had in June decided to sell nearly 23 per cent stake to meet the Reserve Bank of India eligibility norms for new banks.
According to information available with the bourses, the brothers have offloaded 9,161,875 shares, amounting to a 6.13 per cent stake, of Religare at an average price of Rs 352 a share through the open market route. The shares were purchased by CB Green Ventures and India Horizon Fund.
