Choice Broking to acquire Escorts Securities for Rs 13 cr

By Indiatimes3 days ago

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MUMBAI: City-based brokerage Choice Equity Broking is set to acquire 100 per cent stake in Escorts Securities for around Rs 13 crore.

In a statement, Choice said it has entered into an agreement to acquire 100 per cent stake in Escorts Securities, promoted by a family present in the auto business. Escorts Securities was set up in 1996.

In a regulatory filing,

Escorts Ltd

, the listed parent of Escorts Securities, said it is selling 40.444 per cent stake in the brokerage to Choice for Rs 5.17 crore. The remaining stake in the company is held by entities linked to the promoters of Escorts.

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