In a major development, Lotus India Asset Management Company has become a step down subsidiary of Religare Securities Ltd (RSL), a wholly owned subsidiary of Religare Enterprises Ltd (REL), after the latter acquired 100 per cent share holding of the former.
Further, consequent to the acquisition, the name of Lotus has been changed to Religare Asset Management Company, said REL in a statement to Bombay Stock Exchange.
REL is currently operational across three verticals that include retail, institutional and wealth management. Besides its pan-India presence in over 1,550 locations across 460 cities and towns, REL operates from 10 countries globally following its acquisition of London’s brokerage and investment firm, Hichens, Harrison & Co.
— Sarimul Islam Choudhury