Choice International Ltd to invest in Fintoo Wealth Pvt Ltd, acquires Distribution Business

Choice International Limited has entered into a Memorandum of Understanding (MoU) for investment in "Fintoo Wealth Private Limited", a SEBIregistered Investment Advisory firm. As part of this proposed investment, Choice International Limited will acquire a 51% equity stake in "Fintoo Wealth Private Limited" for a total consideration not exceeding INR 10,00,00,000/- (Rupees Ten Crores Only).

The execution of the proposed transaction is subject to approval from the Securities and Exchange Board of India (SEBI).

Our subsidiary companies have entered into definitive agreements for the acquisition of the distribution business of the "Fintoo Group", which includes the distribution of Wealth Products, Insurance Products, Alternative Investment Funds (AIFs), and Portfolio Management Services. These businesses of "Fintoo group" are currently conducted under the names:

- Mihika Financial Services Private Limited, and
- Mihika Insurance Marketing Firm LLP

The total consideration for this acquisition of Distribution Business shall not exceed INR 15,00,00,000/- (Rupees Fifteen Crores Only).

Shares of CHOICE INTERNATIONAL LTD. was last trading in BSE at Rs. 820.20 as compared to the previous close of Rs. 823.05. The total number of shares traded during the day was 39626 in over 1120 trades.

The stock hit an intraday high of Rs. 832.85 and intraday low of 815.00. The net turnover during the day was Rs. 32563573.00.

Source : Equity Bulls

Keywords

CHOICEINTERNATIONAL INE102B01014 Investment FintooWealth Acquisition DistributionBusiness