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Report: Inditrade Capital to sell equity broking biz to Choice International

Inditrade Capital Ltd. is set to divest its equity broking business to Indian nonbanking financial company Choice International Ltd. for 320 million rupees, The Economic Times reported May 17, citing two unidentified sources.

The deal will be a "slump sale," as Choice International will integrate Inditrade Capital's 320 employees and 120,000 customers across 27 branches, one of the sources said. The transaction could be announced May 18, according to the publication.

Sources said Inditrade Capital will exit its equity broking unit as the company shifts its focus to lending to unbanked customers. The company is also looking to grow its agricommodity financing and microfinance businesses in fiscal 2019, while making its foray into the affordable housing finance segment.

Sudip Bandyopadhyay, chairman of the Inditrade group of companies, declined to comment on the matter, the publication said. Emails to Choice International went unanswered.

As of May 17, US$1 was equivalent to 67.82 Indian rupees.