Spice Finance circling Khandwala Securities

Continuing the consolidation in the financial services industry, Spice Finance, part of the BK Modi-promoted Spice Group, is set to acquire a mid-sized brokerage.

Talks with Bombay Stock Exchange-listed Khandwala Securities are at an advanced stage and a deal is likely soon, three people familiar with the matter told DNA.

“Except a few minor points all else has been sorted out,” said a source.

“We have no comments on this matter,” said Paresh Khandwala, managing director of Khandwala Securities said.

“There is nothing concrete at this stage. We are in talks with 5-6 companies. Something should materialise in a month,” Sudip Bandyopadhyay, director, Spice Finance said.

“We are looking to acquire a midsized brokerage and scale it up from then on,” said Bandyopadhyay. Talks are also on with asset management companies for a possible buy, he said.

Bandyopadhyay, who was earlier the face of Reliance Money, Reliance Capital’s broking, distribution and money transfer arm, joined Spice in November last year.