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Weizmann Forex Ltd share price today (on 2 April 2023).
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Live Chart - Weizmann Forex Ltd
BSE: 533452 | NSE: WEIZFOREX | ISIN: INE726L01019Market Cap: [Rs.Cr.] 81 | Face Value: [Rs.] 10
Industry: Finance & Investments
Weizmann Forex Ltd is a Registered Authorized Dealer Category II licensed by the Reserve Bank of India to provide the various services relating to money changing and is one of the principal representatives of Western Union Financial services, USA for money transfer services. The company has established their own branches of over 165 plus, about 260 extension counters exclusively for Western Union Money Transfer and has tied up with 6000 entities including public sector and private sector banks, NBFCs, large corporations as sub-representatives. The aggregate outlets engaged in Western Union Money Transfer services for the company is over 32,000 spread across India. The company is a marketing agent for co-branded Citibank World Money card (CWM) issued by Citibank and Travel Money Card issued by Axis Bank Ltd.
The company has one subsidiary company, namely Vedang Tours and Travels Ltd and one joint venture company namely, Horizon Remit SDN BHD, Malaysia. The joint venture company is an agent of Western Union Network (Ireland) Ltd. Weizmann Forex Ltd was incorporated on September 9, 1985 as Chanakya Holdings Pvt Ltd. The name of the company was changed to Chanakya Holdings Ltd on August 23, 1996. Weizmann Group embarked on a restructuring exercise involving merger of two subsidiaries of Weizmann Ltd into Weizmann Ltd & demerger of two Business Undertakings from Weizmann Ltd into two resultant companies vide a composite scheme of arrangement.
As per scheme of arrangement, the Forex Business Undertaking of Weizmann Ltd stands transferred & vested into resultant company Chanakya Holdings Ltd with effect from April 1, 2010. As per said scheme, the name of the company was changed from Chanakya Holdings Ltd to Weizmann Forex Ltd with effect from December 29, 2010. The company's equity shares were listed on Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE) with effect from June 28, 2011. During the financial year 2010-11, the company invested in a joint venture company, Horizon Remit SDN BHD, Malaysia, which is engaged in business of Money transfer both outward and inward in Malaysia
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