Religare Enterprises has sold 49 per cent of its stake in Religare Asset Management Company (RAMC) to Invesco Hong Kong, a subsidiary of Invesco Limited, which is a leading global asset management firm..Amarchand Mangaldas advised Religare with a team led by Mumbai based Partners Ashwath Rau and Aysswarya Murthi..AZB & Partners advised Invesco with a team led by Partner Shuva Mandal..According to VCCircle, as on August 31, 2012, Religare’s asset under management (AUM) was pegged at around Rs 14,600 crore and according to sources, the deal is valued at around 6-7 per cent of the AUM, which translates into a transaction worth around Rs 465 crore ($87 million)..The acquisition, when completed, will establish an asset management joint venture (JV) in India between Religare and Invesco with Religare holding 51 per cent and Invesco holding 49 per cent..The JV – Religare Invesco Asset Management Company will be headed by Saurabh Nanavati (CEO- RAMC) along with the existing management team.
Religare Enterprises has sold 49 per cent of its stake in Religare Asset Management Company (RAMC) to Invesco Hong Kong, a subsidiary of Invesco Limited, which is a leading global asset management firm..Amarchand Mangaldas advised Religare with a team led by Mumbai based Partners Ashwath Rau and Aysswarya Murthi..AZB & Partners advised Invesco with a team led by Partner Shuva Mandal..According to VCCircle, as on August 31, 2012, Religare’s asset under management (AUM) was pegged at around Rs 14,600 crore and according to sources, the deal is valued at around 6-7 per cent of the AUM, which translates into a transaction worth around Rs 465 crore ($87 million)..The acquisition, when completed, will establish an asset management joint venture (JV) in India between Religare and Invesco with Religare holding 51 per cent and Invesco holding 49 per cent..The JV – Religare Invesco Asset Management Company will be headed by Saurabh Nanavati (CEO- RAMC) along with the existing management team.