Religare mulls foray into asset management business
Ranbaxy promoter group's financial services firm Religare Enterprises Ltd plans to enter into the asset management business, a top company official said today.
By PTI |
MUMBAI: Ranbaxy promoter group's financial services firm Religare Enterprises Ltd plans to enter into the asset management business, a top company official said today.
"We have applied for the asset management business. We are expecting nod from the market regulator SEBI," Religare Enterprises, CEO and Managing Director, Sunil Godhwani said on the sidelines of the company's listing ceremony here.
Religare Enterprises shares today got listed at a premium of 75 per cent over the issue price of Rs 185 a share on the Bombay Stock Exchange (BSE). The share closed at Rs 521.70 after touching a high of Rs 600 during the mid-session.
"We want to make ourselves a globally trusted financial brand. May that be in the retail side, in the institutional side or in the wealth management spectrum," Godhwani said, adding that recently the company entered into a JV with the Macquarie Bank for wealth management.
"At present, majority of our revenues come from broking, whether institutional, retail or HNIs. In the next 18 to 24 months, we are very confident that the broking business will contribute close to about 60 per cent," Group Chief Operating Officer Sachindra Nath said.
The remaining 40 per cent of the revenue would come from other segments like investment banking, institutional and commodity business services and the other verticals, he said.
Margins from institutional business are much better at 20 basis points, compared with 5 basis points in retail, Nath added.
"We have applied for the asset management business. We are expecting nod from the market regulator SEBI," Religare Enterprises, CEO and Managing Director, Sunil Godhwani said on the sidelines of the company's listing ceremony here.
Religare Enterprises shares today got listed at a premium of 75 per cent over the issue price of Rs 185 a share on the Bombay Stock Exchange (BSE). The share closed at Rs 521.70 after touching a high of Rs 600 during the mid-session.
"We want to make ourselves a globally trusted financial brand. May that be in the retail side, in the institutional side or in the wealth management spectrum," Godhwani said, adding that recently the company entered into a JV with the Macquarie Bank for wealth management.
"At present, majority of our revenues come from broking, whether institutional, retail or HNIs. In the next 18 to 24 months, we are very confident that the broking business will contribute close to about 60 per cent," Group Chief Operating Officer Sachindra Nath said.
The remaining 40 per cent of the revenue would come from other segments like investment banking, institutional and commodity business services and the other verticals, he said.
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Margins from institutional business are much better at 20 basis points, compared with 5 basis points in retail, Nath added.
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