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Reliance Money enters into forex remittance business with controlling stake in Wall Street Finance
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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 —- 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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