Religare acquires South Africa’s Noah Financial

Religare acquires South Africa’s Noah Financial

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 465.45 in a weak Mumbai market.

Close