Promoters of Religare, a non-banking financial services company and a major contender for new banking licences, had in June decided to sell nearly 23 per cent stake to meet the RBI eligibility norms for new banks.
According to information available with the bourses, Singh brothers have offloaded a total of 40.44 lakh shares, amounting to 2.70 percent stake, of Religare at an average price of Rs 345 per share through open market route.
The shares were purchased by Mehta & Mehta Real Estate in a transaction worth Rs 139.52 crore.
Earlier this month, Singh brothers had sold 6.13 percent stake in Religare worth Rs 322.5 crore.
The company had earlier announced its promoters, including Singh brothers, decided to lower their stake in Religare to 49 per cent, from 71.75 per cent currently, to meet the eligibility criteria for a bank licence.
On June 26, Religare had announced said Customers Bancorp Inc of USA has agreed to pick up 6 per cent stake in the Delhi based banking aspirant for USD 51 million.
Religare shares today grew by 0.23 per cent to settle at Rs 345.55 apiece on the BSE.
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Singh brothers sell 2.7% stake in Religare for Rs 139.52cr
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