Almondz Global Resets Strategy—Next Chapter Coming in 90 Days

Image Source: Almondz Financial Services Ltd.

Almondz Global Securities Ltd has decided to pull back its earlier plan to restructure the company, but it isn’t giving up. The company says it will submit a revised proposal within the next 90 days.

Here’s what’s going on:

Almondz had a scheme in place to separate its broking business from its other businesses. The idea was to move the broking arm into a new company called Almondz Broking Services Ltd, and then merge the rest of its operations with Avonmore Capital & Management Services.

The plan also included listing the new broking company and giving Almondz shareholders shares in both the new broking firm and Avonmore, so everyone’s ownership would stay in proportion.

The restructuring was supposed to make things simpler for the company and help each business focus on what it does best.

However, the company has now withdrawn this plan, saying it needs to make some changes—possibly to address regulatory concerns or feedback from shareholders and other stakeholders.

Almondz says it’s committed to the restructuring and will refile a new version of the scheme within 90 days.

The original proposal required a lot of approvals, including from shareholders, creditors, regulators, and the National Company Law Tribunal.

So, while the original plan is off the table for now, Almondz is already working on a new version and plans to move ahead with its restructuring soon.

Source: Moneycontrol, Economic Times BFSI, Business Standard, Rediff