Emkay Global to transfer Wealth Management Business to EWAL

Emkay Global Financial Services Limited's Board has approved entering into a Business Transfer Agreement (BTA) with Emkay Wealth Advisory Limited (EWAL) to carve out and transfer its Wealth Management Business. This includes distribution and referral activities, to be conducted via a slump sale. The company will also divest its 100% equity investments in Emkay Investment Managers Limited (EIML) and EWAL to its wholly-owned subsidiary, Emkay Capital Private Limited (ECPL). This restructuring aims to house the wealth management vertical under a new subsidiary. Emkay Global will invest up to ₹30 Crores in ECPL to facilitate these transactions.