Anil Dhirubhai Ambani Group’s Reliance Money has sold its stake in Wall Street Finance, the foreign exchange currency firm, selling the stake back to the promoters. Reliance money has sold its entire 36.8% stake in Wall Street Finance, netting around Rs 22.7 crore. The shares were sold at a price of Rs 53 per share to Transways Combines, a promoter of Wall Street Finance.
The exit by Reliance Money comes a year after it bought the stake in the firm. The Reliance Capital subsidiary acquired the stake by buying out the privately held Wall Street Constructions, a promoter entity which owns about 33.5% stake in Wall Street Finance. It later increased the stake through open market transactions.
Wall Street Finance, set up in 1986, is an authorised dealer Forex-II (which means they can offer foreign remittance as well as money changing services). It is one of the principal agents of Western Union Money Transfer and is registered with RBI as a Non-Banking Finance Company.
Reliance Money has exited its investment due to business conflicts with Reliance Money Express. The firm has said that it has made the exit at a profit.