Religare Enterprises To Sell Religare Finvest, Home Loans Arm To TCG Advisory; Shares Jump 10%
This is an inflection point in the journey of Religare Group, says Religare Finvest MD Sanjay Palve.
Religare Enterprises Ltd. on Thursday said it will sell its entire stake in NBFC arm Religare Finvest Ltd. and housing finance subsidiary Religare Housing Development Finance Corporation Ltd. to TCG Advisory Services Pvt. Ltd.
The stake sales not only enhance value of Religare Enterprises shareholders, but also strengthen Religare Finvest and Religare Home Loans by aiding implementation of the ongoing debt resolution process of the NBFC, the diversified financial services group said in a statement.
"This is an inflection point in the journey of Religare Group which galvanises it towards a new phase of growth,” said Sanjay Palve, managing director and chief executive of Religare Finvest and managing director of Religare Home Loans.
“We are confident that through this transaction we will be able to capitalise both RFL and RHDFC to achieve growth in the high potential affordable housing segment", he added.
The transaction will be subject to necessary regulatory approvals as well as signing of the final transaction documents between both the parties.
On Thursday, Religare Enterprises shares rose 9.99 percent to Rs 42.95 apiece on the BSE while the benchmark Sensex gained 0.69 percent to end the day at 38,823.11 points.