Choice International Limited has announced a strategic investment in Fintoo Wealth Private Limited, acquiring a 51% equity stake for a total consideration not exceeding INR 10 Crore. Additionally, subsidiary companies have entered into agreements to acquire the distribution business of the ‘Fintoo Group’ for no more than INR 15 Crore. This acquisition includes wealth products, insurance, and alternative investment funds.
Fintoo Wealth Investment
Choice International Limited is set to invest in Fintoo Wealth Private Limited, a SEBI-registered investment advisory firm. Choice International will acquire 51% equity in Fintoo for a total consideration not exceeding INR 10,00,00,000 (Ten Crores). The execution of the proposed transaction is subject to approval from the Securities and Exchange Board of India (SEBI).
Acquisition of Distribution Business
Subsidiary companies of Choice International have entered definitive agreements to acquire the distribution business of the ‘Fintoo Group’. This includes Wealth Products, Insurance Products, Alternative Investment Funds (AIFs), and Portfolio Management Services. These businesses are currently conducted under the names:
- Mihika Financial Services Private Limited
- Mihika Insurance Marketing Firm LLP
The total consideration for the acquisition of the Distribution Business will not exceed INR 15,00,00,000 (Fifteen Crores). The acquisition will further strengthen Choice International’s presence in the financial services sector.
Source: BSE
