Religare shares jump 10% on report Dabur's Burmans buy additional 5% stake

Shares of Religare Enterprises climbed 10 per cent in Wednesday's trade on report the Burman family likely bought additional 5 per cent stake in the financial services firm. Dabur's prmoters bought the stake via block deal on Wednesday, raising its stake in the Religare to 14 per cent, CNBC-TV18 said citing sources.

Following the report, the stock climbed 9.67 per cent to hit a high of Rs 241.45 on BSE. Shares of Dabur India were trading at Rs 563.35 on BSE, down 0.3 per cent.

The financial services firm reported a conolidated profit of Rs 93 crore for the June quarter compared with Rs 76 in the year-ago period. Religare's revenues for the quarter to Rs 1,302 crore for the quarter compared with Rs 1,051 crore in the year ago quarter.

The NBFC recently saw Care Ratings reaffirming rating of CARE BB+ on its step-down subsidiary's Rs 500 crore long term bank facilities but revising its outlook downward to 'Negative' from 'Stable'.

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A subsidiary of Religare Finvest (RFL), Religare Enterprises aims to raise Rs 800 crore through a qualified institutional placement (QIP) following its successful one-time settlement (OTS) with lenders of Religare Finvest Ltd, Moneycontrol noted. The company has paid off the OTS amount and closed the deal with 16 lenders by making a final payment of Rs 400 crore in March this year.

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