South Korea's NH Investment and Securities Invests INR9 Billion in Choice International's Broking Arm
South Korea-based NH Investment & Securities (KRX:005940) has invested 9 billion Indian rupees in Choice Equity Broking, the broking and wealth management arm of Choice International (NSE:CHOICEIN, BOM:531358), through compulsorily convertible preference shares (CCPS), according to a filing to the Indian bourses on Thursday.Choice Equity allotted around 4.2 million CCPS priced at 2,130 rupees per share, subject to regulatory and exchange approvals, the filing said. The proposed transaction is expected to be completed within 12 months.The investment will help fund Choice Equity's growth and expansion plans, pursue strategic opportunities, and meet its business requirements.With this partnership, it expects to grow fivefold over the next three years across its broking and distribution verticals, while strengthening its digital capabilities, institutional franchise and customer proposition.
