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Religare Buys 24% More In JV Vistaar Religare Capital Advisors

By Madhav A Chanchani

  • 20 Apr 2009

Financial services firm Religare Enterprises has acquired an additional 24% stake in its private equity joint venture Vistaar Religare Capital Advisors Ltd. The stake has been acquired from

Vistaar Entertainment Ventures and post the deal, Vistaar Religare will become a subsidiary of Religare Enterprises, the company informed Bombay Stock Exchange. The JV firm manages Vistaar Religare Film Fund, which has a corpus of Rs 200 crore.

Vistaar Religare Film Fund has so far invested in three movies - Victory, Stoneman Murders, and Sidhartha - The Prioner. None of these films have done well at the box office. The fund has other projects in various stages of production.

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The investment management committee of the fund has names like adman R Balakrishnan, film maker Bhavna Talwar, actor Pankaj Kapoor, movie commentator Subhash Jha, ad film-maker Johnny Pintoo, VC firm Helion co-founder Kanwaljit Singh, Religare COO Shachindra Nath besides Sheetal Vinod Talwar, a former banker and co-founder of Vistaar Entertainment Ventures, a film production venture that focuses on films targeting the international market.

The deal comes after Religare announced another joint venture private equity fund with Milestone Capital. The fund is a 50:50 JV, aiming to raise a corpus of Rs 600 crore to primarily invest in healthcare and education.

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