Edelweiss Financial Services has decided to call off its proposed acquisition of Religare Enterprise Ltd.’s securities business as the latter failed to secure necessary regulatory approvals.
The deal, valued at about ₹250 crore, was announced in December.
“We hereby inform you that due to the seller’s inability to obtain the requisite clearances within agreed timeline, the binding agreement has come to an end on March 15, 2018,” Edelweiss informed the exchanges on Friday.
Edelweiss was to acquire Religare Enterprises’ securities business, which includes securities and commodities broking, and depository participant services.
