Indiabulls AMC CEO buys 85% stake in fund: Former Indiabulls CEO

MUMNBAI: Sanjay Chandel, the chief executive officer of Indiabulls Asset Management and a former official with the Securities and Exchange Board of India ( Sebi), has picked-up close to 86% stake in Azure Capital, a realty private equity firm of Banglore based Mantri Developers.

Chandel has resigned from the Indiabulls group and will now be running the fund.

Chandel along with India’s Bagri Family will run Azure Capital as an alternate investment fund, two sources close to the development said. Chandel worked with Sebi for 11 years after which he moved on to head the commodity bourse ICEX jointly promoted by Indiabulls and MMTC. Indiabulls later made him the head of asset management company of the group.

The Bagri family was among the initial stakeholders in Kothari Products, the makers of Pan Parag Panmassal. Chandel did not comment. A source close to him said Azure Capital would be raising over Rs 300 crore.