The Ahmedabad-headquartered listed company announced that its board has approved the acquisition of 100 percent equity share capital of WFAPL, a wealth management and mutual fund distribution company, through a phased transaction scheduled for completion by March 2030. In the first phase, Wealth First will acquire a 51 percent stake in WFAPL by December 31, 2026, subject to regulatory approvals and the fulfilment of other conditions. The consideration for this phase has been fixed at ₹52.10 crore, including ₹40 crore in cash and ₹12.10 crore through a share swap.
The remaining 49 percent stake will be acquired by March 31, 2030. The consideration for the second phase will be determined based on WFAPL's valuation as of March 31, 2029, and will be paid entirely through a share swap. Upon completion of the first phase, WFAPL will become a subsidiary of Wealth First Portfolio Managers Ltd. Following the completion of the second phase, the company will become a wholly owned subsidiary.
The acquisition is expected to increase the combined assets under management of both companies to nearly ₹9,000 crore. Wealth First has also outlined an ambitious target of expanding the combined assets under management to approximately ₹20,000 crore over the next five years. Commenting on the transaction, Founder and Managing Director Ashish Shah said the acquisition significantly strengthens the company's presence in Mumbai and represents another important milestone in its transformation into a broader financial services institution.
The company disclosed that the transaction qualifies as a related-party transaction because Wealth First's promoter and Managing Director Ashish Shah holds a 10.62 percent beneficial interest in WFAPL. However, the company clarified that the acquisition is being carried out on an arm's length basis, with the valuation determined by an independent registered valuer.
The acquisition follows Wealth First's expansion into the asset management business earlier this year through its sponsorship of Lakshya Asset Management, extending its operations beyond wealth advisory into fund management. The company stated that the latest acquisition will further strengthen its position in Maharashtra, which accounts for nearly 40 percent of India's mutual fund industry, while enhancing its wealth advisory and distribution capabilities.
According to the company's regulatory filing, WFAPL reported a turnover of ₹17.91 crore, a profit after tax of ₹6.04 crore, and a net worth of ₹22.01 crore during the financial year 2025-26. The company had recorded a turnover of ₹16.68 crore in the financial year 2024-25 and ₹12.17 crore in the financial year 2023-24.
The acquisition represents a significant strategic expansion for Wealth First Portfolio Managers Ltd, strengthening its presence in India's largest wealth management market while creating a larger platform with enhanced advisory, distribution, and asset management capabilities. With a phased integration plan extending to 2030 and ambitious growth targets for assets under management, the transaction positions the company for a stronger role in the country's rapidly expanding financial services sector.
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