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Avonmore Capital to acquire Almondz Global Securities’ non-broking biz
Source Stock Exchange Announcement (opens in a new tab)Business Standard (opens in a new tab)
New Delhi-headquartered Almondz Global Securities (AGSL) is to merge its non-broking business with fellow publicly listed, Mumbai-based NBFC (non-banking financial company), Avonmore Capital & Management Services (ACMS), via a share swap deal. ACMS will issue 1,072 equity shares for every 1,000 equity shares held by AGSL shareholders.The broking business of AGSL, which constitutes 20% of its turnover, will be transferred to a new entity, Almondz Broking Services Ltd, which is set to be listed on the stock exchanges.