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.
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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.
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