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Indian stockbroker Sharewealth Securities makes offer for stake in SI Capital

Indian stockbroker Sharewealth Securities Ltd. made an offer to acquire 26% of money-changer SI Capital & Financial Services Ltd.

The buyer is offering 16 Indian rupees for each of the 780,000 SI Capital & Financial Services stocks it wants to acquire, for a gross value of 12.5 million rupees. The open offer begins Jan. 24, 2019, and closes Feb. 6, 2019.

Sharewealth Securities will acquire another 60% stake of SI Capital & Financial Services by buying 17,99,950 shares from a group of sellers, also at 16 rupees each. The transaction will be valued at 28.8 million rupees.

The offer is subject to statutory approval and approval from the Reserve Bank of India. CapitalSquare Advisors Private Ltd. is acting as manager to the offer for Sharewealth Securities.

As of Dec. 21, US$1 was equivalent to 70.13 Indian rupees.