Religare Enterprises today formally announced its intention to acquire a majority stake in Lotus India Asset Management Company (Lotus India AMC) from the majority shareholders Alexandra Fund Management, (an affiliate of Fullerton Fund management Company) and Sabre Capital.
A company release today said that Lotus manages funds in excess of Rs 5,000 crore in domestic mutual funds.
“Religare will immediately strengthen its position by infusing additional funds in to the schemes of Lotus India AMC. Existing investors in Lotus mutual funds will continue to be supported and served in a seamless fashion,” a release added.
The company today informed the Bombay Stock Exchange that its board of directors have approved a proposal to discuss, negotiate and finalise the terms for acquiring 100 per cent or majority equity shareholding of Lotus.
“We are delighted to take on a business that has been backed and promoted by institutions of such stature and pedigree, and look forward to take it to next level of growth,” said Sunil Godhwani, CEO and managing director, Religare Enterprises.
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