Gaja Capital Partners, an India-focused private equity firm, is in talks with the Mumbai-based Kaycee Group to pick up a 49% stake in Kantilal Chhaganlal (KC) Securities, according to a source familiar with the development.
The deal size for the the Mumbai-based broking house is pegged at roughly $40 million (around Rs 160 crore). Kantilal Chhaganlal Securities managing director Jayesh Sheth confirmed that he is in talks with more than one prospective
investor.
However, he refused to divulge more details.Gaja Capital Partners, too, refused to comment on the issue. Gaja has investments in companies Educomp and Vishal Retail.
Sources involved with the deal process said KC Securities had been in talks with a UK-based firm. However, the deal fell through as both parties could not reach an agreement over valuation.
KC Securities is a member of both the National Stock Exchange and the Bombay Stock Exchange. It has a 150-odd franchisee network and offers retail and institutional broking in equities, commodity broking, wealth management services and mutual fund distribution services among others. The company plans to foray into investment banking and services specifically targeted at NRIs.
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