India-based Inditrade Capital Ltd. agreed to sell its equity broking business to Choice International Ltd. subsidiary Choice Equity Broking Pvt. Ltd. for 320 million rupees.
The announcement confirms an earlier report that Inditrade Capital will exit its equity broking unit as it shifts its focus to lending to unbanked customers, among other areas.
The slump sale of Inditrade Capital's equity broking business is subject to statutory and regulatory approvals.
As of May 18, US$1 was equivalent to 68.02 Indian rupees.