Religare Enterprises subsidiary exits from US-based affiliates

Religare Enterprises today said that its US-based asset management subsidiary has completed the process of exiting from two affiliates in the US.

In a BSE filing, the company said, "We would like to inform you that Religare Global Asset Management Inc, USA, wholly-owned subsidiary of the company, has completed its exit from Northgate Capital LLC and Northgate Capital LP, US based affiliates."

It further added that the transaction was closed on July 22 following the receipt of all required approvals.

The subsidiary exit resulted to a surge of 0.58 percent after which the stock traded at Rs. 278 on the BSE.