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Religare acquires South Africa’s Noah Financial

Religare acquires South Africa’s Noah Financial
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First Published: Mon, Jul 25 2011. 10 24 AM IST
Updated: Mon, Jul 25 2011. 10 24 AM IST
Mumbai: Religare Enterprises said on Monday its investment banking arm Religare Capital Markets has acquired majority stake in South African broking firm Noah Financial Innovation, sending its shares up nearly 5%.
The acquisition of Noah, which offers research services to the instituitional invesment community, will boost Religare’s trading and research business in South Africa, it said in a statement to the exchange.
Financial details of the transaction were not available.
At 9.30am, shares of Religare Enterprises were up 1.59% to Rs 465.45 in a weak Mumbai market.
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First Published: Mon, Jul 25 2011. 10 24 AM IST