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Reliance Money enters into forex remittance business with controlling stake in Wall Street Finance
Reliance Money Express (RME), an Anil Dhirubhai Ambani Group company, has gained control of Wall Street Finance, a Bombay Stock Exchange-listed company in the forex remittance business by becoming its largest shareholder.
Reliance Money is all set to become a co-promoter of Wall Street Finance through a merger amalgamation scheme with Wall Street Constructions, a promoter group company, which owns 33.54% stake in Wall Street Finance.
By becoming the largest shareholder of Wall Street Finance, which has a market capitalisation of Rs 45 crore and a 3-year dividend track record, Reliance Money Express has given parent Reliance Capital two crucial cogs that were missing from its financial conglomerate superstructure â€”- an RBI licence to function as a deposit-taking NBFC (D) and an Authorised Dealer-II licence, which is an outward remittance licence, granted to a handful of limited entities.
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