Following the approval from SEBI for restructuring its AMC business and also the nod for acquiring arid rechristening Lotus AMC, Religare has decided in principle to appoint Saurabh Nanavati as CEO for its AMC business. This decision has been communicated to Nanavati who has agreed to the same. The appointment shall formally come into effect within the next few days.Ajay Bagga, the incumbent CEO of Lotus India AMC has decided to step down and will pursue other career opportunities.
Religare Enterprises, one of the leading integrated financial services groups of India had last month confirmed that Religare Securities, its wholly owned subsidiary had received clearance from SEBI to acquire the entire shareholding of Lotus India Asset Management Company (Lotus India AMC) from its shareholders. Earlier in November, Religare had announced its decision to acquire Lotus AMC and subsequently announced its restructuring plans relating to Religare's partnership with Aegon in the asset management business in India, Religare has also received regulatory approval for divesting its stake in its 50:50 AMC joint venture with Aegon.The company made this announcement during the trading hours today, 03 December 2008.
No comments:
Post a Comment