Religare board approves proposal to acquire Lotus AMC

Religare board approves proposal to acquire Lotus AMC
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First Published: Tue, Nov 04 2008. 02 47 PM IST
Updated: Tue, Nov 04 2008. 02 47 PM IST
PTI
New Delhi: Integrated financial services group Religare Enterprises today said it will acquire Lotus India Asset Management Company for an undisclosed amount.
The board of director at their meeting held today approved the proposal to discuss, negotiate and finalise the terms of acquiring 100% or majority equity shareholding of Lotus India AMC, Religare said in a statement.
“We are delighted to take on a business that has been backed and promoted by institutions of such stature and pedigree and looking forward to taking it to the next level of growth. Like all other businesses that Religare operates globally we are committed to building it further as a business of excellence with a leadership position,” Religare Enterprises CEO and Managing Director Sunil Godhwani said.
The company has agreed to acquire Lotus India AMC from its majority shareholders, Alexandra Fund Management (an affiliate of Fullerton Fund Management Company Ltd) and Sabre Capital.
However, the company has not given any financial details about the acquisition, which is subject to regulatory approvals.
Existing investors in Lotus mutual funds would continue to be supported and served in a seamless fashion, the statement added.
Religare plans to immediately strengthen the position of Lotus India by infusion of further funds into its schemes.
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First Published: Tue, Nov 04 2008. 02 47 PM IST