Standard Capital to incorporate wholly-owned subsidiary for merchant banking

Standard Capital Markets Ltd, a non-banking financial company (NBFC), has stated that its board of directors has approved the incorporation of a wholly-owned subsidiary to carry on the business of merchant banking.

Name of the target entity: Standard Capital Advisors Limited or any name as may be approved by the Central Registration Centre and/or Ministry of Corporate Affairs. 

Authorized Capital: Rupees five crores divided into 50,00,000 equity shares of Rs 10 each.

"The wholly owned subsidiary company once incorporated will be a related party of the Standard Capital Markets Limited," the company said in an exchange filing.

Earlier in January, the board of directors of Standard Capital Markets Ltd allotted over 98 crores fully paid-up bonus equity shares to eligible investors.