Financial services firm Religare Enterprises Ltd (REL) has acquired Chennai-based portfolio management and broking services firms Shreyas Stocks Pvt Ltd and Shreyas Advisory Services Pvt Ltd for an undisclosed sum.
Under the deal, Shreyas Stocks and Shreyas Advisory Services have become wholly owned subsidiaries of Religare, a company statement added. Singhi Advisors was the sole advisor to the deal.
At 12:22 pm, shares of Religare Enterprises were trading at Rs 446.85 per unit on the BSE, up 1.14 per cent from the previous close.
Founded in 1995, Shreyas Stocks has more than 5000 HNI customers and offers a bouquet of services including equity, derivatives and commodity (under the group firm Shreyas Advisory Services).
Religare Enterprises is an emerging markets financial services group offering a wide array of services including broking, insurance, asset management, lending solutions, investment banking and wealth management services. The flagship financial services firm of billionaire brothers Malvinder and Shivinder Singh has a network of more than 2,200 business centres across 550-plus locations, employs over 7,000 people and has more than a million clients. It has been aggressive in snapping companies in India and abroad to boost its broking and asset management business in the past few years.