Indian IPO

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Wednesday, September 06, 2006

Ranbaxy group co plans MF foray; to float an IPO in six months

Ranbaxy Group company Religare is eyeing a piece of the fast-expanding Indian Mutual Fund cake by this December.

Religare is soon likely to announce a joint venture (JV) with the Netherlands-based Aegon to float an asset management company.

Mutual Fund is the best investment option. Our mutual fund company will be formed before December, said V Ananthakrishnan, chief investment advisor-mutual funds, Religare. The capital structure is yet to be finalised, he added.

Recently, Religare signed an MoU with Aegon and launched the ER Capital India Fund.

With this launch, the company has entered insurance and asset management sector in the country. Bennett, Coleman & Company is Religare`s third promoter partner in life insurance segment.

Also, Bennett Coleman & Company would own 30% in the yet-to-be-declared JV, while Religare will hold 44% and the balance would be owned by Aegon.

Religare is eyeing an infrastructure expansion of 250 branches along with 1,000 business partners in at least 300 cities and seven international offices by the year-end, from the current moer than 175 branches and 350 business partners in 180 cities, apart from two international offices.

The company also plans an IPO through one of its subsidiaries Religare Securities within the next six months


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