Religare Enterprises gets Sebi nod for Lotus buy

Religare Enterprises gets Sebi nod for Lotus buy

Mumbai: Indian financial services firm Religare Enterprises Ltd said on Friday it has received the market regulator’s nod to acquire Lotus India AMC, an asset management joint venture.

Religare Enterprises said its wholly owned unit, Religare Securities Ltd, has received clearance from the Securities and Exchange Board of India to buy the entire shareholding of the asset management company from its shareholders.

Lotus India AMC, which has more than Rs50 billion of funds under management, will be renamed Religare AMC.

Earlier this month Religare Enterprises said it would buy all or a majority stake in Lotus, a joint venture between Temasek Holdings unit and London-based Sabre Capital Worldwide.

It is also exiting a joint venture with Dutch insurer Aegon, who will take full control of Religare Aegon AMC.