Choice International (NSE:CHOICEIN, BSE:531358) said Monday its subsidiary Choice Equity Broking has agreed to acquire Arete Capital, an unlisted wealth distribution firm, for 360 million Indian rupees in cash, according to a Monday filing with the Indian bourses.
The deal, set to close on March 31, involves acquiring around 3.5 million shares of Arete Capital.
The acquisition will expand Choice Broking's wealth management AUM from 10.9 billion rupees to 62.4 billion rupees, according to the filing.
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