Mumbai, Feb. 15 -- Religare Enterprises Ltd and Religare Finvest Ltd have approved to spin off the group's financial services and insurance businesses into two independent, listed entities.

"Following the evaluation of various structural alternatives with leading advisors, the boards of Religare Enterprises and Religare Finvest determined that the proposed demerger represents the most efficient path to create focused platforms with enhanced governance and strategic flexibility," the companies said in a release.

Religare Enterprises will retain its stake in Care Health Insurance. The financial services business, comprising lending, broking, investment and ancillary and support services, will be transferred to Religare Finvest "on a going...