Choice International Ltd to Invest INR 10 Crores in Fintoo Wealth Pvt. Ltd, Acquiring Distribution Business for INR 15 Crores

Choice International Ltd has entered into a Memorandum of Understanding (MoU) to invest in Fintoo Wealth Private Limited, a SEBI-registered Investment Advisory firm. The company plans to acquire a 51% equity stake in Fintoo Wealth Private Limited for a total consideration not exceeding INR 10,00,00,000. The execution of the proposed transaction is subject to approval from the Securities and Exchange Board of India (SEBI). Additionally, Choice International Limited's subsidiary companies have entered into definitive agreements for the acquisition of the distribution business of the Fintoo Group, which includes the distribution of Wealth Products, Insurance Products, Alternative Investment Funds (AIFs), and Portfolio Management Services. The total consideration for this acquisition of Distribution Business shall not exceed INR 15,00,00,000. The acquisition businesses are currently conducted under the names e Mihika Financial Services Private Limited, and e Mihika Insurance Marketing Firm LLP.