Religare Enterprises, a diversified financial services group of India, is all set to enter into home finance business with acquisition of controlling stake in Maharishi Housing Development Finance Corporation (MHDFC).

It should be noted that board of directors has already approved the proposal to sign an agreement with MHDFC for acquiring a controlling stake in the company.

Post acquisition, MHDFC will become a subsidiary company of Religare.  

MHDFC is engaged in the business of providing housing finance under license issued by National Housing Bank (NHB).

The company was established in 1997 and is a part of the global network set up by Maharishi Mahesh Yogi.

The shares of the company closed today at Rs 461 on BSE, up 1.37 per cent over the previous close.