India-based Cliqtrade Stockbrokers has bought 10% additional stake in Asit C Mehta Financial Services (ACMFS).

Set up by the founder and MD of the firm Asit C Mehta and Deena Mehta, ACMFS has been offering stock broking, wealth management, mutual fund distribution, portfolio management services and advisory services for around 40 years.

Cliqtrade, which has been promoted by the founders of Pantomath Financial Services Group, has purchased the new stake at INR151.44 ($1.8) per share with a total consideration of INR70.8m.

The acquisition has increased the firm’s stake in ACMFS to 37.19%. It has also made Cliqtrade a co-promoter of ACMFS.

Pantomath co-founder and director of ACMFS Madhu Lunawat said: “In less than a decade from our inception we have emerged as a leading financial conglomerate focusing on mid-market segment.

“100+ successful initial public offerings, the launch of our AIF, merging our PMS with ACM is in line with our diversification plans and is to accentuate offerings and augment what the combined entity can achieve across financial services be it investment banking, wealth and fund management, institutional outreach, stock broking besides others”

In November last year, Cliqtrade bought 17.12% stake in ACMFS through an open offer.

A month later, the firm acquired further 7.67% stake in ACMFS.

Asit C Mehta and Deena Mehta said “ACM has been at the forefront of promoting capital market institutions and facilitating reforms.

“Our visions are aligned with macro priorities to achieve greater heights in financial markets. Pantomath, on the other hand, is fast growing investment bank and committed to formalising Indian businesses and help them grow beyond barriers.”