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Our Bureau Coffee Day Enterprises Ltd on Friday said on Friday Shriram Credit Company Ltd has agreed to acquire an 85.63 per cent stake in Way2Wealth Securities at an enterprise valuation of ₹65.07 crore.
The stake includes Coffee Day’s holding of 32.73 per cent and Tanglin Development Ltd’s holding of 52.8 per cent. The deal also covers subsidiaries Way2Wealth Brokers, Way2Wealth Insurance Brokers and Way2Wealth Commodities.
“The date of completion of the sale/disposal of above-mentioned assets/shares would depend upon completion of the conditions precedent under the purchase agreement,” Coffee Day said in a filing with the BSE.
Varied businesses
The business being undertaken by the target companies includes stockbroking (dealing in equity, equity derivatives, commodities derivatives and currency derivatives segments, amongst others), depository participant, distribution of mutual funds and point of presence for distribution of National Pension System, portfolio management, research analyst, and direct (life and general) insurance broking.
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