Mumbai (Maharashtra) [India], April 9 (ANI/PRNewswire): Mumbai-based Choice Equity Broking Private Limited on Thursday has entered into an agreement to acquired 100 per cent stake in New Delhi based Escorts Securities Limited.
The acquisition entails mainly the broking business and will be completed within the next six months, subject to necessary statutory approvals.
"The buyout shall bring in operational synergies and shall augment the profitability of Choice Equity Broking with its increasing clientele," said Kamal Poddar, managing director of the BSE-listed Choice International and the holding company of Choice Equity Broking.
Without disclosing the consideration for the acquisition, Poddar said that Choice Equity Broking (www.choicebroking.in) ranked among the top 30 brokerage houses, will continue to explore inorganic growth through more such initiatives.
Established in 1996, Escorts Securities, with a net-worth of approximately Rs 13 crore as on March 31, 2021, is an unlisted public limited company and a subsidiary of Escorts Group Limited.
In 2018, Choice Equity Broking had acquired Kochi-based Inditrade Capital Ltd (formerly JRG Securities) for a consideration of Rs 32 crore followed by acquisition of stockbroking and commodity business of Pune-based NG Rathi Group for an undisclosed amount.
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