Friday 22nd March 2019
    Inditrade Capital to sell equity broking unit to Choice International for Rs 32 crore
    Inditrade Capital to sell equity broking unit to Choice International for Rs 32 crore
    People in the know said that Inditrade is exiting equity broking, which was its bread and butter initially, as the company now plans to focus solely on lending to small and unbanked customers.

    KOLKATA: Inditrade Capital is all set to sell its equity broking business to Choice International , a Mumbai-based financial services firm, two people familiar with the development said.The deal value is pegged at Rs 32 crore.The group is eying four-to-five-fold growth in its agri-commodity financing and microfinance businesses in FY19, while it also plans to venture into the affordable housing finance segment.Choice International, a non-banking finance company, has different business interests including equity broking, commodity broking, financial advisory and mutual fund distribution.Choice International’s shares gained 1.06% to Rs 137.80 on BSE.Besides ramping up agri-financing and microfinance businesses, Inditrade group is also ready to provide merchant cash advances (MCA) to small traders and shopkeepers.The group is planning to raise about Rs 200 crore in combination of equity and debt in the second half of FY19 for financing growth of its different business units.