Religare Enterprise acquires 40% stake in Investment Professionals

NEW DELHI: Financial services firm Religare Enterprises on Friday said it has acquired 40 per cent stake in Mauritius-based asset management firm Investment Professionals Ltd for an undisclosed amount.

"The company has acquired 40 per cent stake in Investment Professionals Ltd, an asset management company in Mauritius, through its wholly owned subsidiary in the US, Religare Global Asset Management Inc," Religare Enterprises said in a filing to the Bombay Stock Exchange ( BSE).

Consequent to the completion of the said acquisition, the foreign firm has become a group company of the domestic company, it added.

The shares of Religare Enterprises today closed marginally up at Rs 475 a piece on BSE.