Religare Enterprises Shareholder Sells Stake Worth Rs 169 Crore

Plutus Wealth Management LLP, a shareholder of Religare Enterprises Ltd., divested stake worth Rs 170 crore through open market transactions on Monday. On the other hand, Societe Generale, the French investment bank, bought 1.53% stake in the financial services provider.

Plutus Wealth Management sold 71 lakh shares, representing 2.15% stake in Religare Enterprises at Rs 239.05 apiece, according to NSE block deal data. The wealth management fund as of March 2024 held 6.07% stake in the diversified financial services group.

Societe Generale's stake was worth Rs 120 crore. It bought 50.5 lakh shares at Rs 239 per share.

The Burman family had acquired an additional 4% stake in Religare Enterprises for Rs 277 crore in January. The stake was acquired at an average price of Rs 233.98 per share by three Burman-controlled entities—Puran Associates Pvt., MB Finmart Pvt., and VIC Enterprises Pvt.

Shares of Religare Enterprises closed 7% higher at Rs 255.89 each on Monday, as compared to a 0.47% advance in the NSE Nifty 50.