Religare to divest stake in US fund Landmark

Religare Enterprises on Thursday said it is divesting its stake in the Connecticut-based investment fund Landmark Partners through its US based subsidiary. The size of the deal was not divulged in the regulatory filing.

In its balance sheet for 2010-11, Religare had announced that it has acquired a 55-percent stake in Landmark Partners for $171.50 million. Landmark, which was set up in 1989, had private equity and real estate investments totalling $8.5 billion its 27 funds at that time.

The limited liability company's web site now says it has sponsored 29 private equity and realty funds since 1989 with a committed capital totalling $15 billion.

"Consideration amount is not being disclosed in terms of the confidentiality obligations of Religare under the definitive agreements executed with the purchasers of Landmark," the company said in the regulatory filing with stock exchanges.

The regulatory filing further said Landmark had consolidated revenues of Rs.603.44 crore in 2014-15, and that its consolidated networth was Rs.203.70 crore. This translated into 14.44 percent and 5.21 percent of Religare's own revenues and net worth.

The shares of Regliare were trading at Rs.275.00, down Rs.2.25, or 0.81 percent.

The announcement on Thursday came just a week after Religare's announcement that it is selling its stake in the US-based private equity and venture capital management arm Northgate Capital, which had assets worth $4.8 billion under its management.

--IANS

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