Investment banking firm Religare Capital Markets today said it has acquired a controlling stake

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in South Africa's Noah Financial Innovation (Proprietary) Ltd for an undisclosed amount.

Acquisition of the broking company would help Religare Capital Markets (RCML) gain access to the South African market. The acquired entity would be rebranded as Religare-Noah.

"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," RCML said a statement.

Noah currently offers independent research to the institutional investment community in South Africa, RCML said, while declining to give financial details on the deal.

"RCML sees South Africa as an integral part of its emerging markets investment banking platform, both in its own right and as a beachhead for our wider Africa banking ambitions," RCML Chief Executive Martin Newson said.

RCML had last year acquired Bernards Jacobs Mellet's (BJM) distribution platforms for South African equities in London and New York.

"Now we are well-positioned to connect domestic and global investors to the South African opportunity whilst leveraging on our strengths within global emerging markets," Newson added.

RCML, the investment banking and institutional equities arm of financial services group Religare Enterprises, is now present in nine countries and has over 300 staff.

Shares of Religare Enterprises were quoting at Rs 463.50, up 1.09 per cent on the Bombay Stock Exchange.