Mumbai-based Choice Equity Broking Private Ltd has entered into an agreement to acquire a 100% stake in New Delhi-based Escorts Securities Ltd, Choice said in a statement Thursday.
Escorts, the listed auto major, held 40.44% of the shares in the broker subsidiary, while the rest was held by the group companies.
According to the company registration filed by Escorts with the BSE, the consideration for the 40.44% share was £5.17 crore, indicating that the total consideration paid would be £13 crore.
“The buyout will bring operational synergies and increase the profitability of Choice Equity Broking with its growing clientele,” said Kamal Poddar, managing director of BSE-listed Choice International and holding company of Choice Equity Broking.
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