Religare Enterprises rose 2.94% to Rs 257.40 at 14:45 IST on BSE after the company's wholly-owned subsidiary entered into definitive agreements for the divestment of its stake in its wholly-owned subsidiary.
The announcement was made during market hours today, 6 January 2017.Meanwhile, the BSE Sensex was down 95.87 points, or 0.36%, to 26,782.37.
On the BSE, so far 6,029 shares were traded in the counter, compared with average daily volumes of 3,767 shares in the past one quarter. The stock had hit a high of Rs 264 and a low of Rs 250 so far during the day. The stock had hit a 52-week high of Rs 319 on 3 February 2016. The stock had hit a 52-week low of Rs 221.05 on 15 November 2016.
The stock had underperformed the market over the past one month till 5 January 2017, falling 6.94% compared with the Sensex's 2.01% rise. The scrip had also underperformed the market in past one quarter, dropping 8.05% as against the Sensex's 4.76% fall.
The mid-cap company has equity capital of Rs 178.33 crore. Face value per share is Rs 10.
Religare Enterprises announced that RGAM Investment Advisers Private Limited, a wholly-owned subsidiary of the company, has entered into definitive agreements on 5 January 2017 for the divestment of its stake in its wholly-owned subsidiary, Cerestra Advisors Limited, with TCP-Cerestra Ltd, a company registered under the laws of Cayman Islands; Cerestra Managers Pvt Ltd, a company registered under the laws of India; and Elephant India Finance limited, a company registered under the laws of India.
The stake will be bought by The Capital Partnership Group. The transaction is expected to be closed by28 February 2017 following the receipt of all required regulatory approvals.
Religare Enterprises had announced on 29 July 2016 that RGAM Investment Advisers has executed a binding term sheet to divest its stake in Cerestra Advisors Limited (Cerestra).
Religare Enterprises reported net loss of Rs 39.54 crore in Q2 September 2016 as against net loss of Rs 13.90 crore in Q2 September 2015. Total income declined 38.4% to Rs 11.85 crore in Q2 September 2016 over Q2 September 2015.
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, affordable housing finance, health insurance, capital markets and wealth management.
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