Religare shares surge 10 pc on stake sale in subsidiary

Shares of Religare Enterprises 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."