Mumbai, May 18 (PTI) South-based agri-commodity financier, Inditrade Capital, today announced its exit from equity broking business and will invest Rs 24 crore to buy additional stake in non banking finance company, JRG Fincorp.
"Our focus for the last few years has been clearly on NBFC and microfinance. We have decided to exit our equity broking business. This move acted as a win-win situation for both entities allowing them to strengthen their southern presence and allowing us to concentrate on our lending business," the company's group chairman Sudip Bandyopadhyay said in a statement.
It will acquire additional shareholding of up to 10 per cent for Rs 24 crore in JRG Fincorp.
The company has divested its equity broking business to Choice Equity Broking, part of the Mumbai-based Choice group of companies.
It plans to expand and introduce organised finance to benefit borrowers from unserved or underserved segments of the financial sector.
"We plan to foray into housing finance with special focus on the affordable segment and merchant cash advances (MCA), which it will launch later this month," Bandyopadhyay said, adding the initial investment in the company will be around Rs 11 crore.
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI