Religare Enterprises Ltd on Saturday said its indirect subsidiary Religare Wealth Management Ltd has entered into a definitive agreement with the Anand Rathi Group to sell its interests in its wealth management business.
This transaction is subject to necessary approvals, Religare Enterprises Ltd (REL) said in a stock exchange notice.
REL said the consideration is not being disclosed due to confidentiality obligations of Religare under the definitive agreements executed with the buyer. The expected date of completion of sale/disposal is March 31, 2017.
Religare Wealth Management Ltd reported a revenue of Rs 24.84 crore in FY2016.
Anand Rathi Group, in a separate statement, said the AUM of its wealth management arm is currently at Rs. 10,000 crore, and post this deal, it will cross Rs. 13,500 crore.