The co-owner and joint managing director of Indian financial services provider Prabhudas Lilladher Group (PL Group) has purchased a majority stake in the business.
Amisha Vora will become chairperson and managing director of the group. She increased her shareholding to 96% from 24%. The financial terms of the deal were not disclosed.
The acquisition has been approved by all relevant regulators, PL Group said.
“My mission is to ensure that we at PL continue to work towards converting our clients’ savings into wealth,” Vora said. “PL will focus on being a value-added integrated financial services provider with stellar research at its core. We believe that quantitative research is the future, and we will work towards taking a leading position in quant-based asset and wealth management services.”
As part of the ownership changes, chairman Arun Sheth will retire and joint managing director Dilip Bhat will step down.
