Home/ Markets / Stock Markets/  Mumbai-based Cliqtrade Stock Brokers buys 10% more stake in Asit C Mehta

Mumbai-based Company Cliqtrade Stockbrokers Pvt Ltd promoted by the founders of Pantomath Financial Services Group, has acquired a significant stake in Asit C Mehta Financial Services Ltd (ACMFS), a listed firm on the bourses. Cliqtrade has completed an additional 10% stake acquisition of Asit C Mehta Financial Services Ltd, to now hold 37.19% and has established itself as a Co-Promoter.

Cliqtrade had earlier floated open offer, on August 10, 2022, to acquire shares from public shareholders. Subsequently, Cliqtrade acquired 17.12% stake in ACM Financial Services on November 23, 2022, and further 7.67% in December 2022. Purchase price of shares has been 151.44 per share across all the preceding transactions

Pantomath Financial Services group is one of the fastest growing financial services establishment commenced operations in 2013. Promoted by Mr Mahavir Lunawat and Ms Madhu Lunawat, it provides comprehensive investment banking services mid-market enterprises. It is the Investment Manager to India Inflection Opportunities fund which is a Category II, Alternate Investment Fund which provides growth capital at Pre IPO level.

On the strategic tie up, Founder and MD of Asit C Mehta, Deena Mehta said “ACM has been at the forefront of promoting capital market institutions and facilitating reforms. Our visions are aligned with macro priorities to achieve greater heights in financial markets. Pantomath, on the other hand, is fast growing investment bank and committed to formalising Indian businesses and help them grow beyond barriers. We are happy to enter into this strategic tie-up."

On the acquisition of shares and way forward, Madhu Lunawat, Pantomath Co-Founder and Director of ACMFSL said “ In less than a decade from our inception we have emerged as a leading financial conglomerate focusing on mid-market segment. 100+ successful initial public offerings, the launch of our AIF, merging our PMS with ACM is in line with our diversification plans and is to accentuate offerings and augment what the combined entity can achieve across financial services be it investment banking, wealth and fund management, institutional outreach, stock broking besides others"

Together, the combined strengths of both the Groups are formidably better placed to directly contributing towards the Make in India and Atmanirbharta vision set by Government of India by promoting entrepreneurship on one hand and wealth creation for investors in the other hand.

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Updated: 21 Feb 2023, 01:07 PM IST
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