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Luthra, Khaitan, Wadia Ghandy on Edelweiss $39m buy of Religare securities business [UPDATE-1]

The wealth management unit of India’s Edelweiss Group have announced the acquisition of Religare Enterprises’s retail broking business for Rs 250 crores (approximately $39m) by way of slump sale, as reported by The Economic Times and Mint. The acquisition by Edelweiss Wealth Management will include Religare’s securities and commodities broking services, as well as the depository participant services.

Update 19 January 2018: Luthra & Luthra has confirmed that it has acted for Religare Securities. We have also enquired about team composition and Wadia Ghandy’s role.

Khaitan & Co advised Edelweiss Financial Services led by partner Nikhilesh Panchal, principal associate Malav Shah accompanied by associates Manish Chhangani, Aman Yagnik, Tanish Gupta, Ashima Gulati, Murugaveni Pillai and Prakhar Maheshwari.

Wadia Ghandy acted for Religare Securities and Religare Commodities in the transaction.

The deal is subject to receipt of requisite regulatory clearances and fulfilment of certain terms and conditions and is expected to be completed by 15 March 2018. Edelweiss Wealth Management is one of India’s leading diversified financial services companies and had earlier acquired Rooshnil Securities in 2001 and Anagram Capital in 2010. The current acquisition is expected to help Edelweiss expand its geographical reach and distribution footprint, almost trebling their client base.

2017-12-20

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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