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Edelweiss Financial to acquire Religare Enterprises' securities biz

Edelweiss Financial Services Ltd.'s Edelweiss Wealth Management agreed to acquire Religare Enterprises Ltd.'s securities business, which includes securities and commodities broking, and depository participant services.

Under the deal, Edelweiss will also take on the pan-India distribution of around 1,250 points of presence, including over 90 branches, over 1 million clients and the employees of the business.

The companies did not disclose financial terms of the deal, which is expected to close March 15, 2018. The deal is subject to regulatory clearances and customary conditions.