Financial services company Reliance Capital, part of the Anil Dhirubhai Ambani Group (ADAG), plans to acquire a majority stake in city-based brokerage and equity research firm Quant Capital.
"Reliance Capital proposes to take a majority equity stake in Quant Capital group," the company said in a regulatory statement Friday.
"Reliance Equity International (a wholly-owned subsidiary of Reliance Capital) and Quant Capital will integrate operations to achieve full benefits of cost optimisation and increased scale of operations," it added.
The existing management of Quant Capital will stay post-takeover, the company said.
Quant Capital is primarily involved in the institutional cash equities and equities derivatives business, while Reliance Capital has interests in asset management, mutual funds, life and general insurance, private equity investments and other activities in the financial services segment.