Religare Enterprises ends marginally higher after exiting asset management JV

NEW DELHI: Shares of Religare Enterprises pared gains to end marginal higher on Friday after the company informed BSE that it has completed its exit from the asset management joint venture — Religare Invesco Asset Management Company Private Limited ( RIAMC) and Religare Invesco Trustee Company Private Limited ( RITC).

Following the development, the stock jumped 5.6 per cent to hit a high of Rs 294.90 on BSE. However, the stock cut gains as the session progressed. It eventually settled 0.84 per cent higher at Rs 281.55. The company entered into an agreement for sale with Invesco on November 18, 2015 for a consideration of Rs 531.15 crore. .
RIAMC’s revenue at Rs 78.85 crore in FY15 were approximately 1.88 per cent of the company’s consolidated revenue during the financial year. RITC’s revenue was insignificant.

Religare Enterprises is a diversified financial services company. It offers an integrated suite of financial services through its subsidiaries and operating entities. It is engaged in capital markets, wealth management, health insurance and asset management services. It also offers loan to SMEs.