Edelweiss Terminates Deal To Buy Religare Securities

Edelweiss Financial Services Ltd said on Friday it has terminated a deal to acquire Religare Enterprises Ltd’s retail broking business.

The agreement has ended due to Religare’s “inability to obtain the requisite clearances within the agreed timeline”, Mumbai-based Edelweiss said in a stock-exchange filing.

Edelweiss had said in December that its wealth management unit would buy Religare Securities Ltd, Religare Commodities Ltd as well as depository participant services subject to certain conditions. The total payout was likely to be around Rs.250 crore ($39 million).