India's IDFC, Religare shares gain on bank license plans

Last Updated: Wed, Jun 19, 2013 03:58 hrs

Shares in India's IDFC Ltd and Religare Enterprises Ltd rose on Wednesday after both companies took steps to apply for banking licenses, continuing their quest to diversify their businesses.

IDFC rose 2.7 percent as of 0347 GMT after its board on Tuesday approved its application plan for a license.

Meanwhile, Religare rose 2.3 percent after its promoters agreed to dilute their shareholding in the company to 49 percent in order to qualify as an applicant for a banking license.

The broader NSE index was down 0.3 percent.

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