Asit C Mehta Financial Services, a broking and financial services firm with a history of nearly four decades, is changing hands.
The firm started by Asit Mehta and wife Deena Mehta -- who was among the first women to enter the trading ring of BSE -- is getting acquired by the founders of Pantomath Group, which is a mid-market investment banking firm.
Cliqtrade Stock Brokers, which is jointly owned by Pantomath Group founders Mahavir Lunawat and his wife Madhu Lunawat, has acquired a significant stake in the Mumbai-based financial services company at an overall equity value of ₹75 crore.
Cliqtrade has acquired a stake of 37.19 per cent stake through a combination of share purchase agreement from the existing promoters of Asit C Mehta Financial Services and an open offer.
The open offer including payment of consideration concluded on November 14. Post the completion of the open offer, Cliqtrade acquired further stake in the broking firm as contracted in the share purchase agreement.
Asit C Mehta Financial Services Limited was incorporated on January 25, 1984 in Mumbai and is engaged in the business of stock broking, wealth management, mutual fund, distribution, PMS, advisory, fintech and other related financial services and property rentals.
The group with a track record of nearly four decades got listed on BSE in 1995. Recently, the group launched a new product called ‘Chhota Nivesh Gold’ wherein retail investors can buy digital gold for an amount as low as ₹1.
“We are happy to enter into a strategic tie-up with Pantomath Group founders. Both Madhu Lunawat and Mahavir Lunawat are professionally qualified and raring to take Asit C Mehta Financial Services legacy to a new level,” said Deena Mehta, Managing Direcror, Asit C Mehta Financial Services.
“We believe the tie-up has the potential, zeal and energy to do so. This is going to be of great value addition to our customers and stakeholders,” she added.
In a similar context, Madhu Lunawat, Co-founder, Pantomath Group and now co-promoter of Asit C Mehta Financial Services said that the broking brand comes with a strong legacy backed by trust and values and the tie-up will add more value to it.
“We are excited to partner with Asit C Mehta Financial Services Group. Deena ben and Asit bhai carry a very strong legacy backed by extremely high standards of value system. With our marketing strength and cross synergies, we believe this partnership shall add significant value not only to our stakeholders but the market as a whole,” she said.
The stock price of Asit C Mehta Financial Services has more than doubled in the last six months and is currently trading at around Rs 142.
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