Mumbai, India, April 9, 2021 / PRNewswire / – MumbaiChoice Equity Broking Private Limited, based on Thursday, has reached an agreement to acquire a 100 percent stake in New Delhi Escorts Securities Limited.
The acquisition mainly concerns the brokerage business and will be completed within the next six months, subject to the necessary legal approvals.
“The buyout is designed to deliver operational synergies and increase the profitability of Choice Equity Broking with its growing clientele,” he said Kamal Poddar, Managing Director of BSE-listed Choice International and the holding company of Choice Equity Broking.
Without disclosing the consideration for the acquisition, Poddar said Choice Equity Broking (www.choicebroking.in), a top 30 brokerage firm, will continue to explore inorganic growth through other such initiatives.
Escorts Securities was founded in 1996 and has a net worth of approximately INR. 13 crore a son March 31, 2021is an unlisted public company and a subsidiary of Escorts Group Limited.
In 2018, Choice Equity Broking acquired Kochi-based Inditrade Capital Ltd (formerly JRG Securities) for consideration from INR. 32 crore followed by the acquisition of the stock exchange and raw materials business of Pune-based NG Rathi Group for an undisclosed amount.
About Choice Group:
With its membership in NSE, BSE, MCX, NCDEX and the depot participant in CDSL & NSDL since 2010, Choice International Ltd. run group also an AMFI registered mutual fund distributor. As an end-to-end financial conglomerate, the group has grown massively over the past ten years into a holistic financial company that offers groundbreaking technologies and innovative methods for its customers.
Choice International Limited
SOURCE Choice International Limited