Religare Invesco Asset Management Company has increased its networth to ₹57 crore from ₹24 crore to meet the minimal capital adequacy of ₹50 crore prescribed by market regulator SEBI.

The AMC has allotted shares worth ₹24 crore on rights basis to existing shareholders, Religare Invesco said in a press release on Thursday. The rights issue was approved by the board of Religare Invesco AMC at a meeting on May 22.

The development comes at a time when the capital market regulator SEBI has stopped approving applications for launch of new schemes by fund houses which do not meet the minimum capital requirement.

The letter confirming compliance with revised net worth requirement was filed with SEBI last Monday and the market regulator has taken the same on its records, said Religare Invesco.

Saurabh Nanavati, Managing Director, Religare Invesco Mutual Fund, said both the joint venture partners Religare and Invesco are bullish on the long-term prospects of the country and remain committed to grow the business meaningfully in India and overseas.

In 2014, he said, the fund house launched two global equity schemes in India — Religare Invesco Pan European Equity Fund and Religare Invesco Global Equity Income Fund — feeding into Invesco’s Luxembourg range of funds.

On the other hand, Invesco launched Invesco India Bond Fund that invests in the Indian debt market, on its Luxembourg platform.

“The scheme was seeded by Invesco and would be marketed to Invesco’s global clients and sub-advised by the Indian joint venture debt team. A number of similar initiatives are also in the process of endorsing our commitment to serve investors,” he said.

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