Religare hits 5% upper circuit for fourth session in row
This was the fourth day of similar gains for the index. Before this, the scrip had fallen 10 per cent in 10 consecutive sessions.
By ETMarkets.com | Updated:
NEW DELHI:Shares of Religare Enterprises on Wednesday hit 5 per cent upper circuit for the fourth session in a row. The fresh upmove was seen after Religare's shareholder approved a plan to use the proceeds of the sale of its health insurance business to repay Axis Bank’s $70 million (Rs 450 crore) loan.
Lenders, represented by IDBI Trusteeship, wanted the Religare promoters to pay the debt, in accordance with their agreement to back the subsidiary when it needed funds. With the shareholder approval received, the plan is now final, although IDBI Trusteeship may seek a stay on its implementation, the ET reported.
On Wednesday, the stock hit its upper circuit limit at Rs 46.70 on BSE. This was the fourth day of similar gains for the index. Before this, the scrip had fallen 10 per cent in 10 consecutive sessions.
Lenders, represented by IDBI Trusteeship, wanted the Religare promoters to pay the debt, in accordance with their agreement to back the subsidiary when it needed funds. With the shareholder approval received, the plan is now final, although IDBI Trusteeship may seek a stay on its implementation, the ET reported.
On Wednesday, the stock hit its upper circuit limit at Rs 46.70 on BSE. This was the fourth day of similar gains for the index. Before this, the scrip had fallen 10 per cent in 10 consecutive sessions.
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