Prime Securities Ltd to acquire 60% in Prime Global Asset Management Pte. Ltd.

The Board of Directors of Prime Securities Limited, at their Meeting held today, i.e. December 2, 2023, has considered and approved the acquisition of 60% equity stake in Prime Global Asset Management Pte. Ltd., a Singapore based Company ("PGAM"), by Prime Research and Advisory Limited ("PRAL"), a wholly owned subsidiary of the Company. PGAM will undertake the fund management business and offer its services to global institutional investors and family offices. The remaining shareholding of PGAM will be held equally by Mr. Anil Ahuja and Mr. Ajay Abrol, both Singapore residents, who will also act as Directors and operating team of PGAM.

The acquisition is subject to execution of definitive documentation, regulatory / statutory approvals as may be required under applicable laws.

PRAL will invest up to INR 200 lakhs in cash, in one or more tranches, for acquisition and to maintain 60% equity stake in PGAM. Equity Shares allotted will be of Face Value SGD 1 per Equity Share at par.

Shares of Prime Securities Limited was last trading in BSE at Rs. 168.95 as compared to the previous close of Rs. 166.75. The total number of shares traded during the day was 1224 in over 77 trades.

The stock hit an intraday high of Rs. 170.85 and intraday low of 167.90. The net turnover during the day was Rs. 206708.00.

Source : Equity Bulls

Keywords

PrimeSecurities INE032B01021 Acquisition PrimeGlobalAssetManagement