Shares of Religare Enterprises rose by nearly 5 per cent today as the wealth management arm of Edelweiss Financial Services has decided to acquire its securities business.
The stock gained 4.95 per cent to settle at Rs 73.15 -- the highest trading permissible limit for the day on BSE.
Edelweiss stock gained 1.24 per cent to end at Rs 294.85. During the day, it rose by 2.54 per cent to Rs 298.65.
Edelweiss today said its wealth management arm will acquire Religare's securities business, without disclosing the deal amount.
"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.
It said the acquisition will help it expand geographical reach and distribution footprint and almost treble the client base.
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