Future Capital, Centrum rearrange shareholding in two JVs
FCH will hold a 100 per cent stake in FCH Centrum Wealth Managers Ltd, a company which is primarily in the business of retail wealth management.
By PTI | Updated:
MUMBAI: Kishore Biyani-run Future Capital Holding (FCH), and Centrum Capital Ltd (CCL) have mutually decided on a re-arrangement of shareholding in their two existing joint ventures--FCH Centrum Wealth Managers Ltd (FCH CWML) and FCH Centrum Direct Ltd ( FCH CDL).
Future Capital will sell a 50 per cent stake in FCH Centrum Direct to Centrum Capital while it will buy a similar stake in FCH Centrum Wealth Managers from Centrum Capital, a press release issued here today stated.
As per the new arrangement, Centrum Capital will buy- out the 50 per cent stake currently held by FCH in the entity FCH Centrum Direct Ltd for a consideration of Rs 100-crore, the release said.
In 2008, Future Capital Holdings had invested Rs 75- crore for the 50 per cent stake in this joint venture.
Post the buy-out, Centrum Capital will hold 100 per cent stake in FCH Centrum Direct Limited which is primarily into the business of forex money changing and travel solutions, the release said.
As part of the same arrangement, FCH will buy-out the 50 per cent stake of FCH Centrum Wealth Managers Ltd from Centrum Capital at a consideration of Rs 1-crore.
In 2008, FCH had invested Rs 25-crore for a 50 per cent stake in this joint venture with CCL.
FCH will hold a 100 per cent stake in FCH Centrum Wealth Managers Ltd, a company which is primarily in the business of retail wealth management.
In meetings separately convened today, the Boards of both FCH and CCL independently approved these transactions, the release said.
The transactions are subject to regulatory approvals.
Future Capital will sell a 50 per cent stake in FCH Centrum Direct to Centrum Capital while it will buy a similar stake in FCH Centrum Wealth Managers from Centrum Capital, a press release issued here today stated.
As per the new arrangement, Centrum Capital will buy- out the 50 per cent stake currently held by FCH in the entity FCH Centrum Direct Ltd for a consideration of Rs 100-crore, the release said.
In 2008, Future Capital Holdings had invested Rs 75- crore for the 50 per cent stake in this joint venture.
Post the buy-out, Centrum Capital will hold 100 per cent stake in FCH Centrum Direct Limited which is primarily into the business of forex money changing and travel solutions, the release said.
As part of the same arrangement, FCH will buy-out the 50 per cent stake of FCH Centrum Wealth Managers Ltd from Centrum Capital at a consideration of Rs 1-crore.
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In 2008, FCH had invested Rs 25-crore for a 50 per cent stake in this joint venture with CCL.
FCH will hold a 100 per cent stake in FCH Centrum Wealth Managers Ltd, a company which is primarily in the business of retail wealth management.
In meetings separately convened today, the Boards of both FCH and CCL independently approved these transactions, the release said.
The transactions are subject to regulatory approvals.
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