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Our Bureau

Mumbai, Sept. 8 Another business house is looking to acquire forex and money transfer firm Wall Street Finance after the exit of Anil Ambani Group company Reliance Money.

Mr B.K. Modi-owned Spice Investment and Financial Advisors has acquired 51 per cent stake in Wall Street Finance. The company came out with an open offer to pick another 20 per cent in Wall Street Finance at Rs 55.5 a share, which is lower than the market price of Rs 60.8.

According to SEBI norms, if an acquirer buys more than 14.99 per cent in a company, it has to make a mandatory open offer to buy at least an additional 20 per cent.

The company acquired 14.32 per cent stake in Wall Street Finance through secondary market bulk deals — Spice Investment and Financial Advisors acquired 16.64 lakh shares at an average price of Rs 55 per share from the Wall Street promoter group entities Patel Holdings Ltd and Arif Sagar Patel on September 7. It also acquired 36.68 per cent (or 42.64 lakh shares) through off market deal.

Earlier, Anil Ambani Group company Reliance Money Express and five other group entities sold its entire 36.83 per cent stake to Wall Street-promoted Transways Combines Private Ltd on September 3 at an average price of Rs 52 per share.

The total paid-up capital of Wall Street Finance is a little over 1.16 crore shares.

On Tuesday, shares of Wall Street closed 4.5 per cent up at Rs 60.80 per share on the BSE, it touched a high of Rs 68 per share in the intra-day trade. Wall Street shares have gained close to 20 per cent in the past one week of trade.

Wall Street promoter group company Transways Combines seems to have made a gain of close to 6 per cent in a few days by selling a part of the acquired shares (from Reliance Money Express) to a new investor Spice Investments.

The stock of Spice Communication, which is the listed entity of B K Modi Group, also hit the upper circuit and closed with a gain of 19.13 per cent at Rs 72.25 on the BSE.

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