Avonmore Capital & Management Services has received an approval to transfer its entire stake i.e. 51% in ‘TRP Social Consultants’, and such transfer will result in cessation of Holding-Subsidiary relationship between ‘TRP Social Consultants’ and ‘Avonmore Capital & Management Services (ACMS). The Committee of Board of Directors in their meeting held on March 19, 2019, approved the same.
The said subsidiary is not a material subsidiary and was not contributing in the revenue of the Company.
The company is registered with the Reserve Bank of India to carry on the Business of a Non-Banking Financial Institution without accepting public deposits and presently, the company is involved in NBFC activities and sub-broker advisory services.