Fortune Financial Services will be acquired by billionaire Sudhir Valia in a Rs 55 crore open offer, who is also acquiring Mumbai-based brokerage Antique Stock Broking and two subsidiaries for Rs 30 crore, as reported by Hindu Business Line.

A Desai Diwanji Mumbai team led by partner Srishti Ojha, senior associate Ajai Achuthan and associates Ankesh Jain, Ishita Kashyap and Shubhojeet Kundu assisted Elara, the manager of the open offer of Fortune.

Finsec Law Advisors founder Sandeep Parekh is understood to have acted for Fortune.

Fortune and Antique are both SEBI-registered and BSE-listed merchant bankers, with Fortune having been sold by its co-founders JT Poonja and Nimish C Shah.

Valia, a billionaire part of the Sun Pharma family, will take over Fortune as part of an open offer for Rs 55 crore, which was triggered by the share purchase agreement and a preferential allotment by way of a share subscription agreement.