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Religare Asset Management Company, a wholly-owned subsidiary of Religare Securities, has sold 49 per cent of its stake to Invesco, a US-based asset management company.
While the fund house did not reveal details regarding the size of the deal, sources said that it was about Rs 450 crore. Sources said that the deal was valued at about 6-7 per cent of Rs 14, 443 crore, the total assets under management of the fund house as of August 31, 2012. This amounts to about to a valuation of Rs 900 crore, 49 per cent of which stands at Rs 450 crore.
“We were looking for a product partnership in the feeder fund category, which was the only fund category missing from our portfolio. The tie-up with Invesco will help us in tapping the opportunity and give access to global startegies,” said Saurabh Nanavati, chief executive officer of Religare Asset Management Company.
Invesco is a US-based asset management company managing assets worth $ 646.6 billion. The company is listed on the NYSE with a market-cap of $11 billion and is present in more than 20 countries. Retail investors contribute to nearly 60-65 per cent of the total AUM of the AMC.
Religare Enterprises shares today rose nearly 4 per cent to close at Rs 330 at the BSE.
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