New Delhi: Religare Enterprises Ltd (REL) today said it will divest its stake in US-based investment firm Landmark Partners LLC, and certain of its subsidiaries for an undisclosed sum.
"Religare Enterprises Limited (REL) has entered into a definitive agreement to divest its stake in Landmark Partners LLC, and certain of its subsidiaries. REL holds its stake in Landmark through its US-based step-down subsidiary, Religare Global Asset Management Inc," the company said in a BSE filing.
LMP Representative Co. LLC, formed by existing minority shareholders and management of Landmark Partners LLC, will buy the stake, it added.
The closing of the transactions is subject to customary conditions including necessary regulatory approval processes. Earlier this month, REL had divested its stake in company's US-based affiliates - Northgate Capital LLC and Northgate Capital LP - to The Capital Partnership Group for an undisclosed sum.
Shares of the company were trading 0.81 per cent down at Rs 275 apiece on BSE.