Religare's unit buys 55 pc stake in US-based asset manager

Mumbai: Dec 3 Financial Services firm Religare Enterprises today said its arm has acquired 55 per cent stake in US-based assets manager Landmark Partners for USD 171.5 million (about Rs 772 crore).

The company has entered into a strategic investment agreement with Landmark Partners, which is a private equity and real estate asset management firm, through its wholly owned subsidiary Religare Global Asset Management Inc, Religare said in a filing to the Bombay Stock Exchange.

As per the transaction, which is subject to regulatory approvals, Landmark Partners will retain a significant equity stake in the business and its management team will continue to run the day-to-day operations without any change, the filing
added.

Bolstered by the development, shares of Religare Enterprises jumped by 4.33 per cent to an early high of Rs 524.45 per piece on BSE.

This is Religare's second acquisition in the US this year. In February, the company had bought a majority stake in US-based private equity firm Northgate Capital. Also, Religare said that its board has approved a commitment of USD 1 billion
(about Rs 4500 crore) for global acquisitions.