Rel Money exits Wall Street Finance; sells 36.8 pc stake | business | Hindustan Times
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Rel Money exits Wall Street Finance; sells 36.8 pc stake

business Updated: Sep 03, 2009 18:44 IST

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Anil Ambani group firm Reliance Money has exited financial services firm Wall Street Finance through sale of its entire 36.8 per cent stake in the company.

The company has carried out the transaction through a inter-se transfer of 42,82,045 shares at a price of around Rs 53 per share to Transways Combines, a promoter of Wall Street Finance.

"We have decided to exit our investment in Wall Street Finance, by offloading our shareholding to the erstwhile promoters at a profit, as this business conflicts with Reliance Money Express," Reliance Money Managing Director Sudip Bandyopadhyay said in a statement.

Reliance Money had acquired over 33 per cent in Wall Street Finance nearly a year ago and later hiked its stake through market transactions.

Patel family promoted Wall Street Finance's core activities are foreign exchange and money remittance. It is the first authorised money changer in India engaging in the buying and selling of foreign currencies, traveller's cheques and various forex related services.

Wall Street Finance on Thursday hit its upper circuit to settle at Rs 55.85, up 10 per cent on the Bombay Stock Exchange.