Edelweiss Group today 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 an exchange filing.
Edelweiss Group’s wealth management unit had in December said that it would acquire the Religare Securities business for an undisclosed sum.
The statement had said 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 (2010).