Gains 37% Stake In 4-Decade-Old Broking House
Mumbai-based Cliqtrade Stockbrokers Pvt Ltd promoted by the founders of Pantomath Financial Services Group, has acquired a significant stake in Asit C Mehta
MUMBAI, Feb 21 (The CONNECT): Mumbai-based Company Cliqtrade Stockbrokers Pvt Ltd promoted by the founders of Pantomath Financial Services Group, has acquired a significant stake in Asit C Mehta Financial Services Ltd (ACMFS), a listed firm on the bourses.
ACMFS has four decades of experience in stock broking, wealth management, mutual fund distribution, portfolio management services, advisory and other related activities as per the notification on the exchanges.
Cliqtrade has completed an additional 10% stake acquisition of Asit C Mehta Financial Services Ltd, to now hold 37.19% and has established itself as a Co-Promoter.
Cliqtrade had earlier floated open offer, on August 10, 2022, to acquire shares from public shareholders. Subsequently, Cliqtrade acquired 17.12% stake in ACM Financial Services on November 23, 2022, and further 7.67% in December 2022. Purchase price of shares has been Rs 151.44 per share across all the preceding transactions
Pantomath Financial Services group is one of the fastest growing financial services establishment commenced operations in 2013. Promoted by Mahavir Lunawat and Madhu Lunawat, the group provides comprehensive investment banking services mid-market enterprises. It is the Investment Manager to India Inflection Opportunities fund which is a Category II, Alternate Investment Fund which provides growth capital at Pre IPO level.
Founder and MD of Asit C Mehta, Ms Deena Mehta said the visions of both the companies are aligned with “macro priorities to achieve greater heights in financial markets”.
Madhu Lunawat said supporting entrepreneurship, creating wealth and bringing the globe to recognise Indian family businesses would be the company’s key focus area.