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
Khaitan & Co advised
Wadia Ghandy acted for
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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Am double checking with Khaitan, in any case - do you know who the lead partner at Luthra on this was, by any chance?
it seems.
Kian, I cannot believe that you with your penchant for scoops etc. don't know a commonly known fact - Religare is a Luthra client. Has been for while. It appears that you took the Khaitan press release at face value and now for some strange reason are left to defend it.
And as for Khaitan - well, every time they now come up with a deal press release, people will be forced to wonder whether they really had anything to do with it. The problem with these methods is that till the time you don't get caught it's all hunky dorey, but the moment you get caught your credibility and market reputation goes for a toss - permanently.
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