Mumbai-based Edelweiss Financial Services Ltd has sold its Singaporean subsidiary Cross Border Synergy Pte. Ltd to commodity trading firm Searock International Pvt. Ltd for Rs 8.47 crore ($1.3 million), it said in a stock-exchange disclosure.
The share sale and the purchase agreement were executed in September.
Edelweiss held interest in Cross Border Synergy, earlier known as Edelweiss Commodities Pte. Ltd, through its wholly-owned subsidiary EFSL Comtrade Ltd.
As of 31 March 2017, Cross Border Synergy's net assets were valued at Rs 54.9 crore, according to its annual report.
Mumbai-based Searock International is in the business of trading bulk commodities, minerals and other products.
Chartered accountants Dhiraj Khandelwal and Amit Sharma are the promoters of the company, according to its website.
Financial conglomerate Edelweiss group’s main business lines are credit (comprising wholesale, retail, SME and agricultural financing), non-credit (comprising financial markets-related fee businesses, asset management and commodities), and life insurance. These businesses offer loans to companies and individuals, mortgage finance, commodity sourcing and distribution, stock broking, corporate finance and advisory, wealth management, third-party financial products distribution, and alternative and domestic asset management.