Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessStocks

Religare up 7%, Apollo Global & Baring eye promoter stake

Malvinder Singh and Shivinder Singh have been planning to offload their entire holding or a minimum 51 percent stake in the company. As of June 2015, the promoters hold 50.93 percent in Religare.

July 02, 2015 / 12:34 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shares of Religare jumped 7 percent in early trade Thursday on buzz of possible takeover of Singh brothers’ company. According to the media report, both Apollo Global Management and Baring Asia are eyeing to take over Religare Enterprises.

The report quotes sources stating that both the funds are currently conducting detailed due diligence and final bids were to be submitted on Tuesday but the deadline has now been pushed till the end of the month.

Malvinder Singh and Shivinder Singh have been planning to offload their entire holding or a minimum 51 percent stake in the company. As of June 2015, the promoters hold 50.93 percent in Religare.

However, Religare has denied any such development in statement, "As a matter of policy we don’t comment on hearsay and market sources. As we have stated earlier, basis a clearance from our board last year we are evaluating various strategic alternatives to raise primary capital and also further institutionalize our shareholding to support our future growth trajectory. To comment and arrive at any conclusions beyond this based on your sources would be baseless, speculative and highly presumptuous."

In July 2014, the board had approved fund raising of Rs 1000 crore with and enabling resolution for one year.

At 09:20 hrs Religare Enterprises was quoting at Rs 333.50, up Rs 16.30, or 5.14 percent on the BSE.

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347