The Curious Case of Avonmore Capital: A Composite Scheme of Arrangement Unveiled

Avonmore Capital & Management Services Ltd has declared the sanction of a composite scheme of arrangement, which is an important step in restructuring its business and improving its financial position. Although details of the scheme are not provided in the present search results, Avonmore has been engaged in a number of financial services, such as lending, leasing, and merchant banking.

Key Highlights:

Composite Scheme of Arrangement: The board of the company has sanctioned a strategic restructuring strategy, presumably designed to maximize its business structure and enhance efficiency.

Current Business Activities: Avonmore just announced a rights issue to raise ₹48.66 crores at an issue price of ₹10 per equity share to further its capital base.

Business Activities: Being a non-deposit taking NBFC, Avonmore advances loans and gives advances to corporates and provides sub-broker advisory services.

Related Party Transactions: The company has obtained shareholder consent for related party transactions with companies such as Almondz Global Securities and Almondz Financial Services.

Market Presence: Avonmore is a Principal Member of the NSE and is present in stock broking via its subsidiaries.

This strategic initiative is an indicator of Avonmore's drive to consolidate its operations and set itself up for future growth in the financial services industry.

Sources: BSE India, NSE India, ICICI Direct