The Kishore Biyani-controlled Future Group has inked a strategic alliance with financial services conglomerate, Centrum, under which it will acquire controlling stakes in Centrum’s foreign exchange and retail broking businesses. It will also take a small stake in Centrum’s investment banking enterprise.
A press release issued by Centrum Group says the three specific areas that the two signatories to the strategic deal are partnering for are:
• Indivision fund, a private equity fund managed by future group will acquire 10% stake through a preferential allotment in Centrum Capital Ltd, the group’s flagship investment banking company at an enterprise value of Rs1,200 crore.
• Future Capital Holdings Ltd will acquire 50.1% stake in CentrumDirect Ltd, the forex money changing subsidiary of Centrum Capital Ltd through fresh capital infusion of Rs75 crore.
• Future Capital Holdings Ltd will also acquire 50.1% in a new joint venture company Centrum Wealth Managers Ltd, for Rs25 crore. Centrum’s existing Retail Broking, PMS and Financial Products Distribution businesses will move into Centrum Wealth Managers Ltd.
Read more in The Livemint article.
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