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RGAM Investment to divest stake in unit

ReligareEnterprises Ltd.'s wholly owned subsidiary RGAM Investment AdvisersPvt. Ltd is divesting its stake in Religare Portfolio Managers and AdvisorsPvt. Ltd.

RGAM Investment Advisers on April 29 agreed to sell itsstake in Religare Portfolio to Varanium Advisory Pvt. Ltd., according to a May2 filing with the BSE. The financial terms of the deal were not disclosed.

The deal is expected to close on June 30. Completion of thetransaction is subject to regulatory approvals.