Religare Enterprises to sell 51% stake for Rs. 700 crore; stock down 1%

The money from the divestment will be used to reduce debt at the holding level besides infusing funds in the health insurance and lending businesses

Religare Enterprises Ltd stock is down 1% at Rs.273.The company has entered into binding agreement to sell 51% stake in Religare Invesco Asset Management Co., which manages assets worth 21,594 crore.

The money from the divestment will be used to reduce debt at the holding level besides infusing funds in the health insurance and lending businesses.

The scrip opened at Rs. 275.55 and has touched a high and low of Rs. 280.85 and Rs. 271.9 respectively. So far 7257(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4942.41 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 411.5 on 04-Mar-2015 and a 52 week low of Rs. 265.6 on 17-Nov-2015. Last one week high and low of the scrip stood at Rs. 280.1 and Rs. 265.6 respectively.

The promoters holding in the company stood at 50.93 % while Institutions and Non-Institutions held 15.86 % and 33.21 % respectively.

The stock is currently trading above its 200 DMA.