Religare Enterprises shares soared 10%, a new high in BSE
Religare Enterprises shares rose by 9.67 per cent to strike a high of Rs 241.45 on BSE. Stocks of Dabur India were trading at Rs 563.35 on BSE, dropped by 0.3 per cent.
Religare Enterprises shares soared 10 per cent in Wednesday’s trade on the report the Burman family probably acquired an extra 5 per cent stake in the financial services company. Dabur’s promoters purchased the stake via a block deal on Wednesday, increasing its stake in Religare to 14 per cent, CNBC-TV18 said, mentioning sources.
Following the report, Religare Enterprises shares rose 9.67 per cent to hit a high of Rs 241.45 on BSE. The stock of Dabur India was trading at Rs 563.35 on BSE, slipping by 0.3 per cent.
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The financial services company declared a consolidated profit of Rs 93 crore for the June quarter compared with Rs 76 in the year-back period. Religare’s quarterly earnings to Rs 1,302 crore compared with Rs 1,051 crore in the year-back quarter.
The NBFC recently witnessed Care Ratings reaffirming the rating of CARE BB+ on its step-down associate’s Rs 500 crore long-term bank facilities but changing its outlook lowered to ‘Negative’ from ‘Stable’.
A subsidiary of Religare Finvest (RFL), Religare Enterprises seeks to extend Rs 800 crore via a qualified institutional placement (QIP) following its successful one-time settlement (OTS) with lenders of Religare Finvest Ltd, Moneycontrol reported. The firm has paid off the OTS amount and sealed the deal with 16 lenders by finalising Rs 400 crore in March this year.
