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Last Updated : Jul 02, 2015 12:34 PM IST | Source: Moneycontrol.com

Religare up 7%, Apollo Global & Baring eye promoter stake

Malvinder Singh and Shivinder Singh have been planning to offload their entire holding or a minimum 51 percent stake in the company. As of June 2015, the promoters hold 50.93 percent in Religare.

 
 
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Shares of Religare jumped 7 percent in early trade Thursday on buzz of possible takeover of Singh brothers’ company. According to the media report, both Apollo Global Management and Baring Asia are eyeing to take over Religare Enterprises.


The report quotes sources stating that both the funds are currently conducting detailed due diligence and final bids were to be submitted on Tuesday but the deadline has now been pushed till the end of the month.


Malvinder Singh and Shivinder Singh have been planning to offload their entire holding or a minimum 51 percent stake in the company. As of June 2015, the promoters hold 50.93 percent in Religare.

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However, Religare has denied any such development in statement, "As a matter of policy we don’t comment on hearsay and market sources. As we have stated earlier, basis a clearance from our board last year we are evaluating various strategic alternatives to raise primary capital and also further institutionalize our shareholding to support our future growth trajectory. To comment and arrive at any conclusions beyond this based on your sources would be baseless, speculative and highly presumptuous."


In July 2014, the board had approved fund raising of Rs 1000 crore with and enabling resolution for one year.

At 09:20 hrs Religare Enterprises was quoting at Rs 333.50, up Rs 16.30, or 5.14 percent on the BSE.

First Published on Jul 2, 2015 09:38 am
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