Edelweiss ends deal to buy Religare Securities as it fails to get approvals

Edelweiss Financial Services Ltd said on Friday its acquisition of Religare Enterprises Ltd's securities business had been terminated for want of necessary approvals.

"Due to the seller's inability to obtain the requisite clearances within the agreed timeline, the binding agreement has come to an end on March 15, 2018", the company said in a statement.

Edelweiss Group's wealth management unit had in December said it would acquire the securities business of Religare Enterprises for an undisclosed sum.