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Financial services firm Edelweiss Capital on Wednesday said it will acquire domestic broking house Anagram Capital for Rs 164 crore (Rs 1.64 billion).
The company along with its subsidiary Edelweiss Investments & Finance has entered into an agreement with Anagram Capital to acquire it for Rs 164 crore, Edelweiss Capital said in a statement.
"This acquisition is in line with the company's plan to expand the retail broking business. The acquisition of Anagram with its reach and diversified client base will give impetus to Edelweiss' retail broking and distribution businesses, Edelweiss Group chairman Rashesh Shah said.
The acquisition is subject to regulatory approvals, the company said.
Edelweiss plans to operate Anagram as a subsidiary with focus on continuity and building on the current business and people with investments in research, products, training and technology.
Anagram has a nation-wide network of more than 137 branches and over 1,300 sub-brokers. The company has more than 180,000 clients and the company's average daily equity trading volume is around Rs 800 crore (Rs 8 billion).
"This transaction is a win-win for our clients and employees. We are confident of being able to bring together the company's strong platform with Edelweiss' unique research, technology and breadth of products," Anagram Capital CEO Mayank Shah said.
Image: Edelweiss Group chairman Rashesh Shah. Photograph: Rediff Archive