NEW DELHI: Financial services firm Religare Enterprises on Wednesday said it will acquire 50 per cent stake in Sri Lankan brokerage firm Bartleet Mallory Stock Brokers(BMS).
Religare on Wednesday announced its intention to acquire a 50 per cent stake in Sri Lanka's BMS, engaged in stock broking, online trading, and investment advisory, the company said in a statement.
However, Religare did not disclose the financial details relating to the deal. The transaction is subject to regulatory approvals in India and Sri Lanka.
Commenting on the transaction, Religare Group CEO Shachindra Nath said, "With the upsurge in economic and capital markets indicators over the last one year, Sri Lanka is positioned as an attractive frontier market and this addition would give strength to our Emerging Market Investment Banking platform."
The transaction would help Religare leverage its strength in retail stock broking in India and expand the leading position of BMS in retail broking as well, the statement added.
Established in 1989, BMS is a member of the Colombo Stock Exchange. With staff strength of around 50, it is ranked among the top few stock broking firms in Sri Lanka by market share and has a well spread network across the island country.
source - economictimes.indiatimes.com
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