Edelweiss is all set to acquire the retail broking business of Religare Securities. The move was announced mutally by the two companies on wednesday.
In a stock-exchange filing, Edelweiss stated that the wealth management arm of the company is keen to buy Religare Securities Limited. The financials of the deal were not disclosed.
Edelweiss also added that it will get benefited by the present network of Religare securities. Religare presently has over 1250 presence points with over 90 branches and over a million customers. Edelweiss plans to completely take on the employees and client base of the company.
In his statement, Nitin Jain, CEO, Global Wealth and Asset Management, Edelweiss Group stated that the acquisition supports the growth plans of Edelweiss and the complimentary nature of the service portfolio offered by Religare will continue to make it an attractive choice.
The acquisition is subjected to receiving mandatory nod from SEBI and fulfuilment of certain terms and conditions.