Plutus Wealth Management Sells 2% Stake in Religare Enterprises for Rs 170 Crore

Plutus Wealth Management LLP sold a 2% stake in Religare Enterprises for Rs 170 crore via an open market transaction. They offloaded 71 lakh shares, reducing their stake to 3.97%. Societe General acquired 50.50 lakh shares, boosting their value to Rs 120.69 crore. Religare shares surged by 6.59%.

Plutus Wealth Management LLP has divested a 2% stake in Religare Enterprises, amassing Rs 170 crore through an open market transaction on Monday.

According to bulk deal data from the National Stock Exchange (NSE), Plutus Wealth Management offloaded 71 lakh shares, thereby reducing its shareholding in the diversified financial services group to 3.97% from the prior 6.07%.

The shares were sold at an average price of Rs 239.05 apiece, translating to a total transaction value of Rs 169.72 crore. In a significant turn, Societe General secured 50.50 lakh shares of Religare Enterprises at an average rate of Rs 239 per share, driving the deal value to Rs 120.69 crore.

Details regarding the other investors in Religare Enterprises remain undisclosed. Meanwhile, Religare's stock gained 6.59%, closing at Rs 254.90 per share on the NSE.

In a separate BSE transaction, Parijata Trading, Gyaana Retreat & Services, and Fashion Brands (India) sold 6 lakh shares each in Nazara Technologies at an average rate of Rs 872 per share, totaling Rs 157 crore. TIMF Holdings acquired 12 lakh shares at the same price. Nazara Technologies' stock rose 1.82%, finishing at Rs 884.80 per share on Friday.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)