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 licenceThis 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.
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