The city-based Choice Equity Broking Pvt Ltd has entered into a definitive agreement with Kochi-based Inditrade Capital Ltd (formerly known as JRG Securities) to acquire the latter’s equity broking business for a consideration of Rs 32 crore in an all-cash deal subject to regulatory clearance.

The acquisition will include Inditrade's stock broking business, demat services, franchise network, clients and employees. With a strong presence in South India, Inditrade brings over its 1.2 lakh client base into Choice Broking fold along with its 313 employees. It also brings its robust network of 25 branches and 440 franchises and business associates.

"The Inditrade Capital deal will also help us leverage our cross-selling opportunities across products, being a holistic financial services conglomerate," Kamal Poddar, Managing Director, Choice Group, said.

Ajay Kerrial, President, Choice Broking, added: “The deal will strengthen Choice Broking’s presence in Southern India and will boost our retail leg of business, apart from helping us derive the benefit of consolidation towards boosting our bottomline."

Indiditrade decided to exit its equity broking business as its focus has been on NBFC and micro finance for the last few years. The company is a player in the agri-commodity financing business and a financial services provider in Southern India. The company will strengthen its lending services with the addition of housing finance with a special focus on the affordable segment and merchant cash advances in FY19.

Choice Group, incorporated in 1993, has expanded massively in the last decade to become an end-to-end financial conglomerate. It has both, institutional services and retail services with a presence in India as well as abroad.

Choice International shares closed up 1.23 per cent, while Inditrade Capital stock closed higher at 5 per cent upper circuit on the BSE.

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