Religare lures US firm for banking foray with 6.1% stake

CNBC-TV18 reports that Religare Enterprises has roped in US-based Customers Bancorp to partner in its banking foray by selling a 6.1-percent stake to Bancorp.

June 26, 2013 / 20:58 IST

26 Aug, 2025 12:21

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Religare Enterprises is looking to boost its prospects for a banking licence. The company has roped in US-based Customers Bancorp by selling a 6.1-percent stake, reports CNBC-TV18. Customers Bancorp will pay USD 51 million for the stake.

Also Read: Magma Fincorp to apply for a banking licence

This sale of stake is part of the drive by Religare's promoters to bring their stake down to 49 percent. The RBI guidelines mandate that promoter holding in any company seeking to set up a non-operative financial holding company to apply for a banking licence, at 49 percent. The RBI has given its consent to Customers Bancorp to pick up an over 6-percent stake in Religare.

first published: Jun 26, 2013 08:58 pm

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