RCap to buy Quant Capital

The Anil Ambani group’s financial services arm, Reliance Capital, on Friday said it will acquire brokerage and equity research firm Quant Capital, but did not disclose the financial details of the deal.

Following the acquisition, operations of Quant Capital would be integrated with that of Reliance Equity Int-ernational Ltd, a wholly owned subsidiary of Reli-ance Capital.

Quant Capital, which was incorporated in December 2007 and began operations in May 2008, employs over 100 professionals and has signficant presence in both the foreign and domestic institutional markets.

“Reliance Capital proposed to take a majority stake in Mumbai-based Quant Capital Group. The existing management team at Quant Capital will continue to be responsible for its operations,” the Anil Ambani group firm said in a statement.

When asked about financial details of the deal, a company spokesperson declined to comment.

Reliance Capital aims to achieve benefits like business synergies, cost optimisation and increased scale of operations after integrating the acquired entity with its subsidiary Reliance Equity International.

The deal is subject to necessary regulatory approvals.

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