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Report: Religare Enterprises in talks to sell stake in housing finance unit

Religare Enterprises Ltd. may sell its stake in Religare Housing Development Finance to Clix Capital Services Pvt. Ltd. for about 6 billion Indian rupees, The Economic Times reported Aug. 2, citing "a person involved in the negotiations."

The two companies are in the final stage of negations and Religare Enterprises is looking to close the deal in August, or by the end of September at the latest, the source said.

Clix Capital, a commercial lending and leasing company, is expected to value Religare Housing Development Finance at a little over 3x its net worth, the source added.

Religare Enterprises, which owns an 87.5% stake in the housing finance unit, has been divesting its ownership in various companies, including its health insurance arm, amid a cash crunch.

A spokesperson at Religare Enterprises refused to comment on "market speculation," while Promod Bhasin, a partner at Clix Capital, said the matter was a "rumor," the publication reported.

As of Aug. 2, US$1 was equivalent to 63.66 Indian rupees.