Shares of Religare Enterprises were up over 2.5 percent intraday on Monday as investors cashed in its sale of wealth management business to Anand Rathi Group. On February 17, Anand Rathi Wealth Management acquired Religare’s interests in Wealth Management Business. Currently, Anand Rathi Wealth Management’s assets under management (AUMs) are to the tune of Rs 10,000 crore. After this deal, this is set to cross Rs 13,500 crore. “Anand Rathi Wealth Management business has grown multi-fold over the last few years and I am sure our clients and employees will benefit from their unique value proposition and proven track record,” said Nalin Nayyar, Group CEO, Religare Enterprises, in a statement.Meanwhile, Rakesh Rawal, CEO, Anand Rathi Wealth Management said in a statement, “With the acquisition, we also take on a significant responsibility — carefully integrating customers & employees from a firm as well-reputed as Religare. I’d like to assure all the clients as well as the employees associated, up until now with Religare, that we will treat them with care and sensitivity, endeavouring to deliver the highest quality of value addition”. Religare Enterprises reported a standalone net loss of Rs 43.27 crore for third quarter of the current fiscal on account of high finance cost. The company had registered net profit of Rs 127.67 crore in the October-December quarter of the previous fiscal, 2015-16.The company’s stock had seen weak movements in the past fifteen days, having fallen over 3.5 percent. However, it rose over 2 percent in the past three days. At 12:08 hrs Religare Enterprises was quoting at Rs 237.95, up Rs 4.05, or 1.73 percent on the BSE. It touched an intraday high of Rs 240.00 and an intraday low of Rs 233.80.
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