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Edelweiss Group Unit Buys Religare's Securities Business

The acquisition by Edelweiss Wealth Management will include Religare's securities and commodities broking services, as well as the depository participant services, according to the statement

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The wealth management unit of India's Edelweiss Group has acquired the securities business of domestic financial firm Religare Enterprises Ltd for an undisclosed sum, the two companies said in a statement on Wednesday.

The acquisition by Edelweiss Wealth Management will include Religare's securities and commodities broking services, as well as the depository participant services, according to the statement.

Shares of Religare rose as much as nearly 5 percent to 73.1 rupees in early trade.

(Reuters)