New Delhi : Edelweiss Group on Friday said it is no longer interested in the acquisition of Religare Enterprises’ securities business citing the seller’s inability to obtain clearances.
“We hereby inform you that due to the seller’s inability to obtain the requisite clearances within the agreed timeline, the binding arrangement has come to an end on March 15, 2018,” Edelweiss Financial Services said in a regulatory filing to stock exchanges.
Edelweiss Group’s wealth management unit had in December said it would acquire the Religare Securities business for an undisclosed sum.
Edelweiss Wealth Management has consistently looked at synergistic growth opportunities and expansion, especially for its asset and wealth management businesses. This is underscored by the fact that in the past it has made acquisitions such as Rooshnil Securities (2001) and Anagram Capital.
Religare, which has been selling its units to cut down its debt pile, said in January that a private equity firm would buy its health insurance business. It has more than $770 million of bonds and loans outstanding. Religare is being probed by the country’s fraud investigating agency SFIO about an alleged misconduct of its promoters Malvinder Singh and Shivinder Singh.
