Religare Enterprises Ltd (REL) one of the leading integrated financial services groups of India, confirmed that Religare Securities Ltd (RSL), its wholly owned subsidiary has received clearance from SEBI to acquire the entire shareholding of Lotus India Asset Management Company (Lotus India AMC) from its shareholders.
Earlier this month, Religare had announced its decision to acquire Lotus AMC and subsequently announced its restructuring plans relating to Religare's partnership with Aegon in the asset management business in India.
Religare had a 50-50 JV with Aegon in 'Religare Aegon AMC'. Religare has also received regulatory approval for divesting its stake in this AMC partnership.
Confirming this development Mr. Sunil Godhwani – CEO & Managing Director, Religare Enterprises Ltd said, “I am pleased to inform you that SEBI has given us this nod. We will start the Integration process immediately. Lotus will now be rechristened Religare AMC. We believe this will form a sound spring board and is a first step towards fulfilling our global asset management ambitions and we are committed to take this business to a market leading position”.
'Religare AMC' will become a wholly owned subsidiary of Religare Securities Ltd (RSL) while Aegon would now assume control of the Religare Aegon AMC.
Source: Equity Bulls