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    HomeNewsBusinessMarketsMadhu Kela increases stake in Choice International

    Madhu Kela increases stake in Choice International

    Kela has raised his stake in the company to 12.15 percent from 0.06 percent.

    Moneycontrol News
    March 02, 2022 / 20:08 IST
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      Veteran investor Madhusudan Kela has increased his stake in the fintech firm Choice International Ltd by subscribing to a rights issue.


      Kela has raised the stake in the company to 12.15 percent from 0.06 percent. The firm last week allotted 6.02 million shares to Kela and PACs via the rights issue on the basis of allotment finalised in consultation with lead managers.

      The firm through the rights issue allotted 9.95 million shares at Rs 51 a share in January with plans to raise around Rs 50 crore. The issue opened on February 1 and closed on February 15.

      The proceeds from the issue will be used to invest in the company's arm, Choice Finserv Pvt Ltd, for the augmentation of funding requirements.

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      Headquartered in Mumbai, Choice Group is a decade-old organisation, engaged in providing fintech services. Choice has its membership and registration with SEBI, RBI, NSE, BSE, MCX, NCDEX, AMFI.



      An end-to-end financial conglomerate, the group has over the past decade expanded to become a holistic financial services firm. Choice is among the top 20 brokers with a pan-India presence with over 3 lakh clients and approximately 22,000 trained business associates.



      Moneycontrol News
      first published: Mar 2, 2022 08:07 pm

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