Religare Enterprises locked at 10% upper circuit on sale of RFL to TCG Advisory

The company said the consideration amount is not being disclosed in terms of the confidentiality obligations under the Term Sheet

Religare Enterprises shares were locked at 10 percent upper circuit at Rs 42.95 intraday on July 11 after the company signed term sheet to sell its subsidiary to TCG Advisory.


There were pending buy orders of 81,043 shares, with no sellers available on the BSE at 1314 hours IST.

"Company has entered into a binding term sheet with TCG Advisory Services Private Limited, Religare Finvest Limited (RFL) and Religare Housing Development Finance Corporation Limited (RHDFCL), whereby the company will divest its entire stake in subsidiary RFL to TCG Advisory Services Private Limited," company said in its BSE filing.

Pursuant to the aforesaid divestment, the TCG Advisory would also acquire the indirect interest of the company in RHDFCL, which is a subsidiary of RFL, Religare added.

The company said the consideration amount is not being disclosed in terms of the confidentiality obligations under the Term Sheet.

Religare Finvest reported total revenue of Rs 795.66 crore for the financial year 2018-19 and its net worth/equity was Rs 946.85 crore as of March 31, 2019, while Religare Housing Development Finance Corporation registered total revenue of Rs 130.09 crore in FY19.

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