Religare Enterprises has received approval from the Competition Commission (CCI) to sell a controlling 51 per cent stake in its mutual fund business, Religare Invesco AMC, to foreign partner Invesco.
Religare had not disclosed the exact reasons for the sale, but sources had said that it could be due to promoters wanting to monetise some assets to meet other financial obligations.
Religare held 51 per cent in the JV while Invesco had 49 per cent ownership.
In a tweet today, CCI said that it "approves increase in shareholding of Invesco Hong Kong in Religare AMC and Religare Trustee from 49 per cent to 100 per cent".
