Religare Enterprises rose 4.23% to Rs 290.50 at 10:15 IST on BSE after the company said that it has completed its exit from its asset management joint venture to Invesco.
The announcement was made after market hours yesterday, 7 April 2016.Meanwhile, the BSE Sensex was up 2.01 points, or 0.01%, to 24,687.43.
On BSE, so far 1,227 shares were traded in the counter, compared with an average volume of 8,544 shares in the past one quarter. The stock hit a high of Rs 291 and a low of Rs 282 so far during the day. The stock hit a 52-week high of Rs 394.95 on 17 April 2015. The stock hit a 52-week low of Rs 255.95 on 24 November 2015. The stock had underperformed the market over the past one month till 7 April 2016, sliding 2.51% compared with 0.16% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 5.95% as against Sensex's 0.67% fall.
The mid-cap company has an equity capital of Rs 178.33 crore. Face value per share is Rs 10.
Religare Enterprises announced that it has completed its exit from its asset management joint venture, Religare Invesco Asset Management Company (RIAMC) and Religare Invesco Trustee Company (RITC). It sold its 51% stake in the joint venture to the joint venture partner Invesco, which will now hold 100% in RIAMC. Invesco is a leading independent global investment management firm. The transaction is closed on 7 April 2016, following the receipt of all required regulatory approvals. Religare Invesco Asset Management Company reported a turnover of Rs 78.55 crore, translating to approximately 1.88% of Religare Enterprises' consolidated revenue for the year ended 31 March 2015 (FY 2015). RITC reported revenue of Rs 0.35 crore, translating to approximately 0.008% of Religare Enterprises' consolidated revenue for FY 2015. RIAMC and RITC were step down subsidiaries of the company. The agreement for sale with Invesco was entered into by the company on 18 November 2015. The consideration received for the sale was Rs 531.15 crore.
Religare Enterprises' consolidated net profit rose 98.7% to Rs 185.34 crore on 33.3% rise in total income to Rs 1510.44 crore in Q3 December 2015 over Q3 December 2014.
Religare Enterprises (REL) is the holding company for one of India's leading diversified financial services groups. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, capital markets, wealth management, health insurance and asset management.
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