Religare Ent up almost 4%

Religare Enterprises is doing well today, currently up almost 4% at Rs.352, with an intra day high at Rs.366. Volumes are robust at 32,000 shares today compared to 29,000 over past two weeks average.

The stock is up on news that the promoters of the company plan to sell 22.75% stake in the company to a US based bank and this move is being made to meet the RBI norms for banking license. The company has stated that US based Customers Bancorp has picked up 6.1% stake in the company for US$51 million. Religare will be issuing US$28 million worth of warrants and shares worth US$1 million to Customers Bancorp.