Religare Enterprises was locked at the 5% UC at Rs.73.15 the moment it opened up for trading.

This new found love for the stock today is on news that Edelweiss Wealth Management has acquired Religare’s securities business, which includes securities and commodities broking, and depository participant services.

Edelweiss will also take on the pan-India distribution of around 1,250 points of presence, including over 90 branches, over 1 million clients and the employees of the business.

The acquisition is subject to receipt of requisite regulatory clearances and fulfillment of terms and conditions customary to a transaction of this nature.

No disclosure was made about the deal value.

If one may recollect, Religare is owned by the Singh brothers - Malvinder and Shivinder, who have been consistently sold many of its units and businesses over the past year.