IDFC, Religare shares gain on bank license plans

MUMBAI (Reuters) - Shares in IDFC and Religare Enterprises rose on Wednesday after both companies took steps to apply for banking licenses, continuing their quest to diversify their businesses.

IDFC rose 3 percent as of 9:20 a.m. after its board on Tuesday approved its application plan for a license.

Meanwhile, Religare rose 2.3 percent after its promoters agreed to dilute their shareholding in the company to 49 percent in order to qualify as an applicant for a banking license.

The Nifty was down 0.3 percent. (Reporting by Abhishek Vishnoi; Editing by Rafael Nam)