1. Religare Enterprises shares fall as it exits mutual fund business

Religare Enterprises shares fall as it exits mutual fund business

Religare Enterprises share price fell after the company decided to exit mutual fund business with sale of its controlling 51 per cent stake in Religare Invesco AMC to the foreign partner Invesco.

By: | Updated: November 19, 2015 4:03 PM
Religare Enterprises share price

Religare did not disclose the exact reasons for the sale, but sources said it could be due to promoters wanting to monetise some assets to meet other financial obligations. (Express Photo)

Religare Enterprises shares fell as much as 3.6 per cent on Thursday after the financial services group said that it has entered into a definitive agreement with Invesco to increase latter’s shareholding to 100 per cent in the India asset management joint venture, Religare Invesco Asset Management Company (RIAMC).

The transaction is subject to customary Indian regulatory approvals. The share price of Religare Enterprises closed 1.61 per cent down at Rs 272.70. The scrip opened the day at Rs 275.55 and touched a high and low of Rs 280.85 and Rs 267.10, respectively, in trade. Sensex closed 1.41 per cent up at 25,841.92.

Religare did not disclose the exact reasons for the sale, but sources said it could be due to promoters wanting to monetise some assets to meet other financial obligations.

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