B K Modi-promoted Spice Investments & Finance Advisors Private Limited has acquired a 51 per cent stake in forex and money transfer firm Wall Street Finance. Wall Street Finance and Spice Investments signed a shareholding agreement on September 7. The Anil Dhirubhai Ambani Group (ADAG) exited Wall Street Finance by selling its entire 36.8 per cent holding last week after the ADAG-promoted Reliance Money announced its intention of entering the forex market.

Spice Investments has informed the SEBI that it intends to acquire an additional 20% in the Company after the open offer commencing October 30.

The entire transaction, if the additional 20 per cent is acquired by Spice, is valued at approximately Rs 100 crore ($20.8 Million). Sanjay Asher, Partner at Crawford Bayley, led the transaction along with Manik Joshi, Bhoomika Batra and Priyal Sheth. Mr. Asher, speaking to Bar & Bench, confirmed that Crawford was the only firm on the transaction and that the Spice Investments team was headed by the President (Legal Affairs) Preeti Malhotra, assisted by Company Secretary Meghraj Batra, and Raghavendra. 

B. K. Modi [pictured] is known for acquiring companies at low prices, turning them around, and selling them at a huge profit. Last year, he sold Spice Communications to Idea Celluar (represented by Barucha & Partners) for 2720 Crores ($566 Million). Norton Rose and Crawford Bayley were also part of the Idea transaction, advising other stakeholders.  Modi had also launched a bid for Satyam, later withdrawing from the bidding process. U.S. firm Gibson, Dunn & Crutcher LLP assisted the Modi group in their plan to bid for Satyam.