Religare to foray into home finance biz

MUMBAI: Financial services firm Religare Enterprises said it will foray into home finance business with acquiring a controlling stake in Maharishi Housing Development Finance Corporation (MHDFC).

The board has approved the proposal to sign an agreement with MHDFC for acquiring a controlling stake in it, Religare said in a filing to the Bombay Stock Exchange.

Following the acquisition, MHDFC will become a subsidiary company of Religare. MHDFC is engaged in the business of providing housing finance under license issued by National Housing Bank (NHB).

Shares of Religare closed at Rs 460.80 on BSE, up 1.37 per cent over the previous close.