Edelweiss Financial Services on Wednesday said its wealth management arm will acquire Religare's securities business for an undisclosed sum.
"Edelweiss and Religare today announced the acquisition by Edelweiss Wealth Management of Religare's securities business, which includes securities and commodities broking, and depository participant services," the company said in a regulatory filing.
The company said this acquisition will help it expand its geographical reach and distribution footprint and almost treble the client base.
"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," it added.
"The complementary nature of Religare's business to our wealth management platform made for an attractive choice, as it expands our offering and supports our growth plans," said Nitin Jain, CEO, Global Wealth and Asset Management, Edelweiss Group.
The acquisition is subject to receipt of requisite regulatory clearances and fulfilment of terms and conditions customary to a transaction of this nature.
Edelweiss said it has consistently looked at synergistic growth opportunities and expansion, especially for its asset and wealth management businesses.
In the past, Edelweiss Wealth Management had acquired Rooshnil Securities (2001) and Anagram Capital Ltd (2010).
The stock of Edelweiss Financial Services was trading 1.27 per cent higher at Rs 294.95 on the BSE.