Friday , October 22 2021

Choice International jumps as its arm acquires mutual fund distribution business of Centcart

Choice International is currently trading at Rs. 164.50, up by 13.85 points or 9.19% from its previous closing of Rs. 150.65 on the BSE.

The scrip opened at Rs. 159.50 and has touched a high and low of Rs. 173.00 and Rs. 159.00 respectively. So far 10001 shares were traded on the counter.

The BSE group ‘X’ stock of face value Rs. 10 has touched a 52 week high of Rs. 193.40 on 30-Jul-2021 and a 52 week low of Rs. 104.95 on 29-Jan-2021.

Last one week high and low of the scrip stood at Rs. 173.00 and Rs. 140.30 respectively. The current market cap of the company is Rs. 599.66 crore.

The promoters holding in the company stood at 64.31%, while Institutions and Non-Institutions held 5.02% and 30.66% respectively.

Choice International’s step down subsidiary — Choice Wealth has acquired mutual fund distribution business of ‘Centcart Money Services’ (Centcart). The said acquisition of the mutual fund distribution business of Centcart was a complete cash deal, with a win-win situation for both the entities. The users of Centcart shall be in position to access the research tools available on Choice’s online platform for investing in mutual funds through its application Investica, which facilitates investors to attain financial freedom.

The said acquisition is part of Investica’s inorganic growth strategy through which the company shall continue to grow its share and size in the Fintech mutual fund distribution business. The acquisition of the mutual fund distribution business of Centcart shall enable Investica to rapidly grow its AUM and number of clients and push it towards the category of large Mutual Fund Investment platforms with complete focus on wealth creation for its clients.

Choice International offers services in area of project financing, assisting in raising funds by equity or debt routes, debt structuring, private equity, acquisitions, long term strategic planning, turnaround and structuring and joint ventures, divestitures and takeovers.

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