Choice International to acquire majority stake in Fintoo Wealth

Choice International Limited has entered into a memorandum of understanding to invest in Fintoo Wealth Private Limited, a SEBI-registered investment advisory firm. This proposed investment will give Choice International a 51% equity stake in Fintoo Wealth Private Limited for a consideration not exceeding INR 10,00,00,000. The transaction's completion is contingent on approval from the Securities and Exchange Board of India (SEBI).

Concurrently, Choice International's subsidiary companies have signed definitive agreements to acquire the distribution business of the Fintoo Group. This acquisition encompasses the distribution of wealth products, insurance products, alternative investment funds (AIFs), and portfolio management services, currently operated under Mihika Financial Services Private Limited and Mihika Insurance Marketing Firm LLP.

The total consideration for the acquisition of this distribution business will not exceed INR 15,00,00,000. This dual strategy aims to expand Choice International's presence in the financial services sector.