Religare Commodities now a wholly owned subsidiary of Religare Securities
BS Reporter / Mumbai Jun 02, 2010, 12:37 IST
Religare Enterprises, a global financial services group today announced that Religare Commodities, the commodity broking arm of Religare Enterprises is now a wholly owned subsidiary of Religare Securities.
This move will help the company bring together the company’s commodities and equity broking businesses under one roof, the company said in a filing to Bombay Stock Exchange.
Religare Enterprises has presence across 350 branches and 1200 business partners offers equity broking and depository participant services to more than half a million clients. Religare Commodities operates from 600 locations across India.
“This move is in line with our strategy for pan-India penetration as an integrated holistic service provider allowing our customers to seamlessly execute equity and commodity trading transactions effectively…,” said Gagan Sachdev CEO Religare Securities.
At BSE, the company’s stocks were trading at Rs 435.5 up 4.88 per cent at 12:27.
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