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from BUSINESS LINE, September 09, 2009 Mumbai, Sept. 8 - Another business house is looking to acquire forex and money transfer firm Wall Street Finance after the exit of Anil Ambani Group company Reliance Money.
Mr B.K. Modi-owned Spice Investment and Financial Advisors has acquired 51 per cent stake in Wall Street Finance. The company came out with an open offer to pick another 20 per cent in Wall Street Finance at Rs 55.5 a share, which is lower than the market price of Rs 60.8.
According to SEBI norms, if an acquirer buys more than 14.99 per cent in a company, it has to make a mandatory open offer to buy at least an additional 20 per cent.
The company …