Fullerton Financial Holdings Pte Ltd, owned by Singapore state investment firm Temasek, is selling its securities and wealth management business in India to Blueblood Ventures Ltd.
Fullerton-owned Angelica Investments Pte. Ltd has entered into an agreement with Blueblood to sell Gurgaon-based subsidiary Fullerton Securities and Wealth Advisors Ltd for Rs 22.58 crore ($3.5 million) in cash, according to a stock exchange disclosure.
Fullerton Securities offers financial planning and investment services.
Blueblood said in the disclosure that the acquisition would result in operational synergies and help boost growth. The deal is likely to be closed by the end of January.
Incorporated in 2007, Delhi-based Blueblood is in the business of security and commodity contracts brokerage, and management consultancy activities. Its revenue from operations was Rs 2.57 crore and net profit was Rs 17 lakh for the year through March 2017.
In a recent deal in the same segment, Anand Rathi Wealth Management acquired the wealth management arm of Religare Enterprises Ltd, taking its total assets under management (AUM) to over Rs 13,500 crore.