Financial Services firm Religare Enterprises today said its arm had acquired 55 per cent stake in US-based assets manager Landmark Partners for $171.5 million (about Rs 772 crore).
The company has entered into a strategic investment agreement with Landmark Partners, which is a private equity and real estate asset management firm, through its wholly-owned subsidiary Religare Global Asset Management Inc, Religare said in a filing to the Bombay Stock Exchange (BSE).
By the transaction, subject to regulatory approvals, Landmark will retain a significant equity stake in the business and its management team will continue to run day-to-day operations without any change, the filing added.
Bolstered by the development, shares of Religare Enterprises jumped by 4.33 per cent to an early high of Rs 524.45 per piece on BSE.
This is Religare’s second acquisition in the US this year. In February, the company had bought a majority stake in US-based private equity firm, Northgate Capital. Also, Religare said its board has approved a commitment of $1 billion (about Rs 4,500 crore) for global acquisitions.