Mumbai-based U GRO Capital likely to buy Religare Finvest for Rs. 400 crore.

Mumbai-based U GRO Capital, founded by industry veteran Shachindra Nath, is likely to buy Religare Finvest and Religare Housing Development Finance for about Rs. 400 crore, industry sources told ET.

U GRO Capital has signed a binding term-sheet and the deal is likely to be sent to the Reserve Bank of India (RBI) for its approval, said people aware of the development.

ET