Religare Enterprises Q1 net loss expands to Rs 47 cr

Religare Enterprises today said its standalone net loss has widened to Rs 47.39 crore for the first quarter ended June 30, 2017.

The company had registered a net loss of Rs 25.84 crore in the same quarter of 2016-17.

Total standalone income stood at Rs 2.57 crore for the quarter under review as against Rs 13.97 crore a year earlier, it said in a regulatory filing.

Religare Enterprises said it has entered into a definitive agreement with a consortium of investors led by private equity firm True North to divest its entire stake in Religare Health Insurance Company Ltd.

"The transactions are subject to necessary regulatory and other approvals," it added.

Also, as part of the proposed restructuring plan, the company said the scheme to amalgamate 11 of its wholly-owned subsidiaries is not considered for the quarter ended June 2017.

Stock of the company closed 5.42 per cent down at Rs 92.50 on BSE.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)