Onelife Capital to buy part of Destimoney

Mumbai-based small public listed financial services provider Onelife Capital Advisors Ltd is buying Destimoney Security Pvt Ltd and Destimoney Commodity Pvt Ltd, as per a stock market disclosure.

Onelife said its board has approved the acquisition of Purple India Holding Ltd for Rs 26 crore ($3.9 million). It added that Purple India Holding has in turn signed a share purchase agreement to purchase majority equity shares of the two Destimoney firms. These companies together with their subsidiaries are in the business of stock and commodity broking, wealth management, third party financial product sales.

Destimoney that is controlled by PE firm New Silk Route, had early this year sold a chunk of its business interest to Carlyle. That deal essentially involved an indirect acquisition of 49 per cent stake in Punjab National Bank Housing Finance Ltd.

This would mark another deal in the security brokerage business. Early this week, Baring Private Equity Partners India inked an agreement to sell its entire stake in public listed brokerage and financial services firm Inditrade Capital Ltd.

Sudip Bandyopadhyay, former head of Reliance Money who quit the Reliance Capital group firm a few years ago and was working with Destimoney, has joined hands with two other co-investors to acquire the entire 48.73 per cent stake in Inditrade from Baring PE India.

In another deal, Canadian investment giant Fairfax has offered to hike stake in financial services company IIFL Holdings Ltd (formerly India Infoline).

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