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Religare Enterprise signs agreement for Religare Finvest stake sale

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Religare Enterprise signs agreement for Religare Finvest stake sale

India's Religare Enterprises Ltd. signed a share purchase agreement with TCG Advisory Services Pvt. Ltd. in connection with the sale of its entire stake in subsidiary Religare Finvest Ltd. for 3.3 billion rupees.

The deal is subject to regulatory approvals, according to an Oct. 2 stock exchange filing.

The transaction is expected to be completed before Dec. 31 and may be extended mutually by both parties.

Under the deal, TCG Advisory Services will also acquire Religare Enterprise's indirect stake in Religare Housing Development Finance Corp. Ltd., a subsidiary of Religare Finvest.

As of Oct. 2, US$1 was equivalent to 71.19 Indian rupees.