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Publish Date : 23-Nov-2013

Fortune Financial Services has inked a deal worth Rs 30 crore to acquire Mid-sized Mumbai-based brokerage Antique Stock Broking and two of its arms.

Fortune Financial Services has informed the BSE : 'The company/its subsidiary entered into memorandum of understanding for acquisition of 100 per cent stake of Antique Stock Broking Ltd and Agreement for Transfer of investment banking division of Antique Capital Markets Private Ltd with Antique Finance Private Ltd/its subsidiary, subject to applicable regulatory and other approvals and conditions.'

The company, which was launched nearly 10 years ago by Kirti Doshi, Gagan Chaturvedi and Rohit Kothari, is active in investment banking and research through its two arms Antique Stock Broking and Antique Capital Markets.

As part of the deal, all three promoters have divested their stakes to clear the way to set up a brand new entity.

A sources said : 'Apart from Antique, Fortune Financial has bought a debt syndicate company and an auto finance company as well, which would be merged with Fortune Financial to form a new company with effect from the new fiscal in April 2014. Fortune Financial plans to become an integrated financial services platform and not remain just in stock broking related business. The existing employees of Antique had been told at the time of announcement of the merger that their jobs would not be impacted as part of the deal.'

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