Religare Invesco AMC raises networth to meet Sebi norm

In compliance with market regulator Sebi's norm, Religare Invesco Asset Management Company has raised its networth to over Rs 50 crore.

The net worth has been raised to Rs 57 crore with effect from May 26, following the allotment of equity shares aggregating to Rs 24 crore on rights basis to shareholders, the firm said in a statement issued here.

Earlier this month, Sebi said that mutual funds have to meet the Rs 50 crore minimum net worth requirement within three years as part of the regulator's effort to weed out 'non-serious' players from the business.

The rights issue was approved by the board of Religare Invesco AMC at its meeting held on May 22.

"Both the Joint Venture (JV) partners, Religare and Invesco are bullish on the long term prospects of India and remain committed to grow the Indian business meaningfully in India and overseas," Religare Invesco Mutual Fund Managing Director and Chief Executive Officer Saurabh Nanavati said.

"In the calendar year 2014 itself, the Indian JV has successfully launched two global equity schemes in the Indian markets," he added.

At the end of March 2014, Religare Invesco AMC's assets under management stood at Rs 15,622 crore.