Edelweiss buys Anagram to strengthen its retail broking business

Domestic Indian investment bank Edelweiss Capital has struck an agreement to buy Anagram Capital for Rs1.6 billion $35 million to strengthen its retail broking business.

Through a network of more than 137 branches and over 1,300 sub-brokers, Ahmedabad-based Anagram services more than 180,000 clients. The company, which is part of the Lalbhai Group, earned revenues of Rs1 billion for the nine-month period ending December 31.

Edelweiss was established in 1996 by Rashesh Shah. It has grown from offering primarily investment banking services into a diversified financial services company with a presence in brokerage, asset management and financing, as well as investment banking.

Edelweiss went public in 2007. Its $176 million initial public offering...