Following the development, the stock rose 3.07 per cent to hit a high of Rs 43.60 on BSE.
The group is expecting to finalise a binding agreement with the investor by the end of the year, ET reported.
Religare Enterprises, which is the holding structure, had in February bought back 14.3 per cent in Religare Finvest from private equity investors, raising the shareholding to 100 per cent. Religare Finvest, on the other hand, is the 87.5 per cent owner of Religare Housing Development Finance Corp.
People familiar with the matter said that Religare has been in discussions with a local strategic investor with interest in the BFSI (banking, financial services and insurance) space and the group is not talking to any financial investor, unlike last time when they had entered into a pact with The Chatterjee Group (TCG) for divesting shares in Religare Finvest.
In March, Reserve Bank of India (RBI) had rejected Religare’s plan to sell shares in the lending arm to Purnendu Chatterjee’s asset management firm TCG Advisory Services for Rs 330 crore. The group has also raised capital by selling stakes of its health insurance subsidiary toKedaara Capital in June.
Religare had reported a consolidated Rs 416 crore net loss for the March quarter. It is scheduled to announce quarterly earnings on Monday.