Almondz Global Securities’ Board Okays Demerger Of Broking Biz

New Delhi: Almondz Global Securities on Thursday said its board of directors has approved a scheme to demerge its broking business into a newly incorporated entity, Almondz Broking Services Ltd, which will be subsequently listed on the stock exchanges.

The ‘composite scheme of arrangement’ also includes the amalgamation of Almondz Global Securities Ltd’s (AGSL) non-broking business and other group companies into Avonmore Capital & Management Services (ACMS). The transaction, subject to approvals including shareholder and creditor consent, regulatory clearances from the National Company Law Tribunal, stock exchanges, and the Reserve Bank of India (RBI), aims to enhance operational focus, streamline compliance, and unlock value for shareholders. The board of directors of both companies -- AGSL and ACMS -- approved the scheme on Wednesday, according to a statement. Under the scheme, AGSL will demerge its core broking business into a newly incorporated entity, Almondz Broking Services Ltd, which will subsequently be listed on the stock exchanges while retaining the ‘Almondz Global Securities Ltd’ brand name. Shareholders of AGSL will receive one equity share of the new broking entity for every share held in AGSL, maintaining their proportional ownership in the demerged business.

Concurrently, the non-broking business of AGSL along with several group companies, including Almondz Finanz Ltd, Apricot Infosoft Private Ltd, Avonmore Developer Private Ltd, Anemone Holding Private Ltd, and Almondz Insolvency Resolutions Services Private Ltd will merge into ACMS.