First Global calls off Way2Wealth deal

Shankar Sharma-promoted First Global group has called off its acquisition of Way2Wealth Securities, a financial services company in the retail space, for non-compliance with certain clauses in the pact by the sellers.

First global had announced the acquisition of the V G Siddhartha-promoted W2W on July 21 for an undisclosed sum.

"Certain clauses in the agreement were not met in the stipulated time. They pertain to the buying of stake held by other investors in W2W," Shankar Sharma said on Wednesday.

First Global wanted to buy out the entire holding and did not want to buy stake in parts from various investors of W2W, Sharma added.

First Global is looking at various other routes, including acquisition of other financial sector entities, to expand presence, he said.