Choice International has entered in to an agreement for acquisition of further 50% stake in its subsidiary -- Choice Insurance Broking India (Choice Insurance) by acquiring 6,60,000 equity shares of face value of Rs 10 each at a price of Rs 947 per share (including a premium of Rs 937 per share) aggregating to total consideration of Rs 62.50 crore. The proposed transaction is subject to approval from Insurance Regulatory and Development Authority of India (IRDAI) where Choice Insurance is a Member Broker.
Post transaction, the company shall hold 100% stake in Choice Insurance, constituting Choice Insurance as the wholly owned subsidiary of the company. The transaction is expected to be completed within 12 months from the date of execution of agreement.
Choice International offers services in area of project financing, assisting in raising funds by equity or debt routes, debt structuring, private equity, acquisitions, long term strategic planning, turnaround and structuring and joint ventures, divestitures and takeovers.
