Religare Enterprises has surged over 8% to Rs 345 after the company said that Invesco Ltd., a leading independent global investment management firm, have entered into a definitive agreement to acquire a 49% interest in Religare Asset Management Company (RAMC).
“RAMC, the asset management arm of Religare Enterprises, is among the top fifteen asset management companies in India, with combined (onshore and offshore advisory) assets under management of over $2.6 billion (as of August 31, 2012) and a presence in 53 cities across India,” the company said in a filing.
The joint venture, Religare Invesco Asset Management Company, will be headed by Mr Saurabh Nanavati (CEO- RAMC) along with the existing management team. J.P. Morgan acted as the exclusive financial advisor to Religare Enterprises on this transaction, it added.
The stock opened at Rs 334 and hit a low of Rs 324 on the BSE. A combined 278,792 shares have changed hands on the counter so far on both the exchanges.