Religare Enterprises has set up two wholly owned subsidiaries – Religare Broking Limited and Religare Insurance Ltd – as part of its restructuring plan.
“Two new wholly owned subsidiaries of the Company namely “Religare Broking Limited” and “Religare Insurance Limited” have been incorporated on July 20 and July 21 respectively under Religare Capital Markets (India) Limited, a direct wholly owned subsidiary of the Company,” it said in a regulatory filing.
Earlier in May, Religare Enterprises had informed about the restructuring plan.
The financial services firm had said that it would reorganise its existing businesses into three separate listed entities with a view to unlock value.
As per the scheme of arrangement, the existing operating businesses — Lending, Health Insurance and Capital markets — will be listed as three separate entities.
Currently, REL is the non-operative holding company for its various underlying operating businesses and is listed on the NSE and the BSE stock exchanges.