Sudhir Valia-promoted Fortune Financial Services acquires 68% stake in Inga Capital

Fortune Financial Services India Ltd has invested an undisclosed amount in corporate advisory firm Inga Capital Pvt Ltd to pick 68.19 per cent stake, the company said in a stock market disclosure.

Founded in 1999, Mumbai-based Inga Capital (formerly Collins Stewart Inga Pvt Ltd) provides advisory services in the areas of private equity, public offers, divestment, joint ventures, amalgamation, demerger, balance sheet restructuring, etc.

Last May, Fortune Financial had inked a deal to acquire Inga Capital which was subject to regulatory and other approvals.

Fortune Financial Services was founded in 1991 by JT Poonja and Nimish Shah, and went public in 1995. It has around 30 branches and 100 franchisees across India offering services like investment banking, equity and commodity broking, distribution and insurance.

Sudhir Valia, brother-in-law of Sun Pharma promoter Dilip Shanghvi, is the promoter of Fortune Financial.

Shares of Fortune Financial rose almost 5 per cent to hit the upper circuit filter of the day to end at Rs 211.10 on BSE in a flat Mumbai market on Tuesday.

(Edited by Joby Puthuparampil Johnson)

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