Religare to buy 50% in Lanka broking firm
Religare Enterprises is acquiring a 50% stake in one of the largest stock broking firms in Sri Lanka, Bartleet Mallory Stock Brokers (BMS) for $10 million, it said on Wednesday.
By ET Bureau |
NEW DELHI: Religare Enterprises is acquiring a 50% stake in one of the largest stock broking firms in Sri Lanka, Bartleet Mallory Stock Brokers (BMS) for $10 million, it said on Wednesday.
Established in 1989, BMS is a company promoted by Eraj Wijesinghe and is listed on the Sri Lankan stock exchange. It is engaged in stock broking, online trading, and investment advisory services with a headcount of 50 people.
The transaction will help facilitate Religare’s plans to create an investment banking platform in the emerging market, said Shachindra Nath, group CEO.
“With the upsurge in economic and capital markets indicators over the last one year, Sri Lanka is positioned as an attractive frontier market,” he said.
Religare has been actively looking to expand its operations through acquisitions that began with the deal for London-based stockbroking firm Hichens Harrison and Lotus India AMC in 2008.
Established in 1989, BMS is a company promoted by Eraj Wijesinghe and is listed on the Sri Lankan stock exchange. It is engaged in stock broking, online trading, and investment advisory services with a headcount of 50 people.
The transaction will help facilitate Religare’s plans to create an investment banking platform in the emerging market, said Shachindra Nath, group CEO.
“With the upsurge in economic and capital markets indicators over the last one year, Sri Lanka is positioned as an attractive frontier market,” he said.
Religare has been actively looking to expand its operations through acquisitions that began with the deal for London-based stockbroking firm Hichens Harrison and Lotus India AMC in 2008.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
