Deals14 May 2025, 06:22 pm
Angel One Ltd. Announces In-Principle Approval for Transfer of Securities Broking Business to Wholly Owned Subsidiary
AI Summary
Angel One Ltd. announced that its Board of Directors has accorded in-principle approval for the transfer of the securities broking business, depository participant business, mutual fund distribution business, and research analyst business to its wholly owned subsidiary, Angel Securities Limited (ASL), through a slump sale for a lump sum consideration. The decision is subject to the approval of members of the Company and other regulatory and statutory approvals.
Key Highlights
- Angel One Ltd. to transfer Business Undertaking to Angel Securities Limited (ASL)
- Transfer to be done through a slump sale for a lump sum consideration
- Transaction subject to approval of members of the Company and other regulatory and statutory approvals
- Company also approved the draft Business Transfer Agreement (BTA)
- Approval for 29th Annual General Meeting of the members of the Company to be held through video conference