Shares of Religare Enterprises on Thursday surged nearly 10 per cent to hit the upper circuit limit a day after the company announced divestment of stake in its subsidiary to TCG Advisory Services.
In a regulatory filing, Religare Enterprises on Wednesday said it “has entered into a binding term sheet with TCG Advisory Services, Religare Finvest (RFL) and Religare Housing Development Finance Corporation, whereby the company will divest its entire stake in RFL, a subsidiary of the company, to TCG Advisory Services or any of its affiliates.”
On BSE, the shares hit the upper circuit limit of ₹42.95, surging 9.99 per cent over its previous close of ₹39.05. Similarly, on NSE, the scrip rose 9.96 per cent to ₹43.05.
The filing further said that pursuant to the acquisition, TCG Advisory Services would also acquire indirect interest of the company in Religare Housing Development Finance Corporation, which is a subsidiary of RFL.