Religare Enterprises buys remaining 24.82% stake in RAIL

Religare Enterprises buys remaining 24.82% stake in RAIL

19/12/2016 12:37

Financial services provider, Religare Enterprises Ltd (REL) said that it has completed acquisition of 24.82 per cent stake in Religare Arts Initiative Ltd (RAIL) from the minority shareholder of RAIL.

“With reference to the earlier letter dated October 26, 2016, wherein the board of Directors of the Company had approved the transaction to acquire the remaining 24.82 per cent stake in Religare Arts Initiative Limited (“RAIL”) from the minority shareholder of RAIL,” the company said in a filing to the Bombay Stock Exchange.

Consequently, RAIL is now a wholly owned subsidiary of the REL.

Meanwhile, shares of Religare Enterprises were trading at Rs 253 apiece, down 2.52 per cent from the previous close at 12:41 hours on BSE.

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