Readying for a banking licence, Religare Enterprises’ promoters Malvinder Mohan Singh and Shivinder Mohan Singh have decided to sell nearly 23 per cent stake to meet the Reserve Bank of India eligibility norms for new banks.

The company, on Tuesday, said that its promoters, including Singh brothers, have decided to lower their stake in Religare Enterprises to 49 per cent, from 71.75 per cent now, to meet the eligibility criteria for a bank licence.

At the current value, the 22.75 per cent stake proposed to be sold would be worth about Rs.1,100 crore. The stake is likely to be divested through the secondary market. — PTI