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| B K Modi buys 51% stake in Wall Street Finance |
| Press Trust of India / New Delhi Sep 07, 2009, 21:40 IST |
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Industrialist B K Modi today acquired 51 per cent stake in forex and money transfer firm Wall Street Finance, from where Anil Ambani Group's Reliance Money exited by selling its entire 36.8 per cent holding last week.
BK Modi is likely to announce an open offer for another 20 per cent stake in the company tomorrow, highly placed sources said.
The entire deal of acquiring 71 per cent stake would be worth about Rs 100 crore, the sources added.
In a market transaction, Modi-promoted Spice Investments & Finance Advisors acquired over 16.64 lakh equity shares representing 14.32 per cent stake in Wall Street Finance at a price of Rs 55 per piece, in a bulk deal on the Bombay Stock Exchange.
However, the valuation of the remaining 36.6 per cent stake in Wall Street Finance understood to be acquired by Modi in off market transactions has not been disclosed.
In separate bulk deals on the BSE, Wall Street Finance promoters Patel Holding and Arif Asgar Patel sold 16.64 lakh shares of the company.
Last week, Reliance Money had exited Wall Street Finance by selling its entire 36.8 per cent stake in the company for over Rs 22 crore.
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