Wealth First Portfolio Managers Limited has informed the Exchange about General Updates
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Wealth First Portfolio Managers Limited has received Board approval to incorporate a new wholly-owned subsidiary (WOS) that will operate as an Asset Management Company for its mutual fund business. This follows SEBI's in-principle approval granted on 7th May 2025 for sponsoring and establishing a mutual fund. The proposed WOS will have an authorized and paid-up capital of up to Rs. 60 crores, divided into 6 crore equity shares of Rs. 10 each. Wealth First will hold 100% equity and voting power in the new entity, investing at face value in cash, with incorporation targeted by 31st March 2027. The transaction qualifies as a related party transaction and will be carried out at arm's length, subject to shareholder approval if applicable.
This is a strategic expansion into the asset management and mutual fund space, which could diversify Wealth First's revenue streams and open a new growth avenue. For shareholders, the Rs. 60 crore capital deployment is significant but within previously approved limits, and the move could positively impact long-term valuation if the mutual fund venture gains traction.