Almondz Group merges its two entity ACMPL, AGSL

By Staff
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Google Oneindia News

Mumbai, Aug 6 (UNI) Undertaking a strategic restructuring move, Delhi headquartered financial services provider Almondz Group has merged its unlisted broking firm Almondz Capital Market Pvt Ltd (ACMPL) with the BSE-listed Almondz Global Securities Ltd (AGSL).

The Group here today said the merger will draw an ablity to offer investment banking, retailing of financial products and broking service through a single window.

It said the swap ratio for the merger will be 1:3 as one fully paid-up equity share of AGSL with a face value of Rs 6 per share for every three shares held in ACMPL having face value of Rs 10 per share.

Speaking to the mediapersons, AGSL managing director Mr Mehta said ''The capital infusion through the merger will help the company to scale up its retail brokerage operations.'' The company intended to give a strategic thrust to various areas of business like-broking operations, equity, debt and derivative market research, private client services, wealth management, third party distribution of finacial products, Mr Mehta added.

At the close heels of the merger, the board of AGSL approved a preferential allotment of 13.5 lakh ordinary shares to Almondz Capital&Management Services Ltd (ACMS), the holding company of Almondz at the price of Rs 80 per share, and 1.88 lakh ordinary shares at the same price to Bennet, Coleman&Co Ltd (BCCL).

Meanwhile, ACMS has also made a prefferential issue of 2.6 lakh ordinary shares to the promoter group and 2.46 lakh shares to BCG at the price of Rs 61 per share.

Following the preferential allotment, the promoter group's shareholding in AGSL will increase to 51.27 per cent, which was earlier 44.71 per cent, and new shareholder BCCL will hold 1.01 per cent stake. While the promoter's stake in ACMS will nominally increase from 51 per cent to 51.02 per cent post-preferential allotment, BCCL will hold a 2.46 per cent stake in the same, the Group added.

UNI

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