December 20, 2017 / 4:48 AM / a year ago

India's Edelweiss Group unit buys Religare's securities business

Dec 20 (Reuters) - 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. bit.ly/2BO1JDx

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

Reporting by Vishal Sridhar in Bengaluru; Editing by Sunil Nair

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