Religare Cap buys majority stake in South Africa's Noah

Religare Enterprises said on Monday its investment banking arm Religare Capital Markets has acquired a majority stake in South African broking firm Noah Financial Innovation.

The acquisition of Noah, an established player in the South African market offering tailored execution and independent research to the institutional investment community, will boost Religare's trading and research business in South Africa, it said in a statement to the Bombay Stock Exchange.

Financial details of the transaction were not disclosed.

"The acquisition boosts RCML's existing trading, sales trading and research capability in South Africa, adding some 20 professionals to the team as well as an innovative network of sector specialists who provide content and research services ...this move accelerates RCML's push in one of the world's major emerging markets," Noah said in a statement.

Religare Capital Markets Ltd is a SEBI registered broker for equities listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). With offices in the UK, the US, Hong Kong, Singapore and Dubai, RCML conducts institutional broking and investment banking services to corporate and institutional clients all over the world:

In the UK, Religare Capital Markets (RCM) plc is a subsidiary of RCML and is authorised and regulated by the Financial Services Authority. It is a member of the London Stock Exchange.