Birla group to buy Apollo`s broking arm

The Aditya Birla group, which has interests in telecom, cement and fertilisers, has pipped US-based JP Morgan and Anil Ambani-promoted Reliance Capital to emerge the frontrunner for the Chennai-based firm. The Reddy family, promoters of Apollo Hospitals, is exiting ASCIL as a part of its strategy to divest its interests in non-core businesses.  The Aditya Birla group will make an open offer for the broking firm after buying out the Reddys' stake according to the Sebi takeover guidelines.  The ASCIL stock closed 0.7 per cent lower at Rs 470 on BSE today. "The deal is in the final stages and will be sealed soon," said the source. Suneeta Reddy, executive director (finance), Apollo Hospitals, had said that the group was willing to sell the stock broking outfit as it intended to focus on its core business