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Home >Companies >News >Choice Equity Broking in pact to acquire 100% stake in Escorts Securities

Mumbai-based Choice Equity Broking Private Ltd has entered into an agreement to acquired 100% stake in New Delhi based Escorts Securities Ltd, a Choice statement said, Thursday.

Escorts, the listed auto major was holding 40.44% stake in the brokerage subsidiary while the rest was being held by its group companies.

According to the corporate filing by Escorts with the BSE, the consideration for the 40.44% stake was 5.17 crore, which indicate that the overall consideration paid would be 13 crore.

“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.

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