Moneycontrol
Last Updated : Sep 07, 2018 10:21 AM IST | Source: Moneycontrol.com

Choice Broking to acquire NG Rathi Group's stock-broking, commodity units

The acquisition will help Choice Broking with a new clientele base of approximately 9,000 apart from a network of two additional branches and their entire employee strength.

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Choice Broking has entered into definitive agreement to acquire the stockbroking and commodity businesses of Pune-based NG Rathi group for an undisclosed amount, the company said in a statement.

The acquisition will help Choice Broking with a new clientele base of approximately 9,000 apart from a network of two additional branches and their entire employee strength.

As per the proposed transaction structured, Choice Equity Broking will acquire NG Rathi Investrades's stockbroking business along with the depository participant business while Choice Merchandise Broking would acquire NG Commodities, according to the statement.

Choice Equity Broking and Choice Merchandise Broking are subsidiaries of BSE-listed Choice International.

Commenting on the acquisition Ajay Kejriwal, President, Choice Broking said, "This is the second major acquisition to expand our client base in the current financial year after acquiring Kochi-based Inditrade in May. The spree of acquisition is part of the Choice Group’s strategy to be among the top 10 brokerage houses across the country in the next three years."

Last month, it launched trading app Jiffy with an introductory offer of lowest brokerage of Re 1 per day per segment with lifetime demat and AMC charges.
First Published on Sep 7, 2018 10:21 am
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