Financial service provider Religare Enterprises has said Customers Bancorp Inc of the US has agreed to pick up 6 percent stake in the Delhi-based banking aspirant for $51 million (over Rs 300 crore). The multi-structured deal is part of Religare's attempt to enter the banking fray, under which the promoters have to bring down their stake to under 49 percent, the company said.

 

The promoters are selling the shares as part of their 22 per cent divestment to qualify REL to set up non-operative holding as per RBI guidelines for seeking bank licence. As per the agreement, the Wyomissing, Pennsylvania-based Customers Bancorp is a full-service bank, and would make a secondary purchase of shares worth $22 million from the promoters. In addition, it said Customers Bancorp would also make an investment worth $28 million to buy share warrants which will be issued by Religare on preferential basis. These warrants would be convertible into equity shares within 18 months.

 

The US lender would also subscribe to common equity shares worth $1 million on a preferential allotment basis.Last week, Religare promoters billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh had decided to sell nearly 22.75 per cent stake, worth about Rs 1,000 crore, to meet the RBI eligibility norms for new banks.The US lender will pick up the stake in Religare through a combination of primary and secondary market investment, financial services firm said in a statement.