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

The acquisition will include Inditrade’s stock broking business, demat services, franchise network, clients and employees. With a strong presence in South India, Inditrade has a client base of over 1.2 lakh and 313 employees.

It also has a 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,” said Kamal Poddar, Managing Director, Choice Group.

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

Inditrade decided to exit the equity broking business as its focus has been on NBFC and micro finance business for the last few years . Inditrade is a player in the agri-commodity financing business and a financial services provider in southern India.

Choice Group, incorporated in 1993, has been expanding 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 and abroad.

On Friday, while the shares of Choice International closed up 1.23 per cent on the BSE, those of Inditrade Capital closed up 5 per cent, at the upper circuit.

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