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.
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.