Religare, IDFC shares surge up by 4.45% on bank licence plans

Mumbai, June 15: Shares of Religare Enterprises and IDFC today rose by as much as 4.5 per cent triggered by smart investor buying amid bank licence plans by both the companies.Shares of Religare Enterprises surged
religare idfc shares surge up by 4.45 on bank...
PTI June 19, 2013 13:12 IST
Mumbai, June 15: Shares of Religare Enterprises and IDFC today rose by as much as 4.5 per cent triggered by smart investor buying amid bank licence plans by both the companies.



Shares of Religare Enterprises surged 4.47 per cent to Rs 330 on the BSE.

Similarly, IDFC's scrip opened the day on a strong note and as the trade progressed it jumped 3.32 per cent to Rs 147.70 on the BSE.

At the NSE, the scrip gained 3.39 per cent to Rs 147.65.

Readying Religare Enterprises for a banking licence, its promoters billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh have decided to sell nearly 23 per cent stake, currently worth over Rs 1,000 crore, to meet the RBI eligibility norms for new banks.

Religare, a leading non-banking financial services company, is among the major contenders for new banking licences, for which the applicants are required to submit their applications to the Reserve Bank by July 1.

The company had yesterday said that its promoters, including Singh brothers, have decided to lower their stake in Religare Enterprises to 49 per cent, from 71.75 per cent currently, to meet the eligibility criteria for a bank licence.

Infrastructure financing company IDFC had also said the board has approved a proposal to seek a licence from the RBI for setting up a bank.

The board of the company at its meeting held yesterday had approved a resolution for making an application to the Reserve Bank of India for obtaining a banking licence.

In the stock market, the BSE benchmark Sensex was trading at 19,181.95, down 41.33 points at 1120 hrs.
Related Tags: ReligareIDFC
 
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