The board of Geojit Financial Services has at its meeting held today approved the forming of a 50:50 joint venture (JV) with BNP Paribas Securities Asia to serve foreign institutional clients in India.According to an official release issued by the company to the BSE today, the board approved an investment of up to $2 million in the project.
It has also cleared an investment of Saudi Rial (SR) 28 million (approx. Rs 30.05 crore) in Aloula Geojit Brokerage Company, Saudi Arabia for taking 28% of the proposed paid up share capital of SR 100 million. Geojit will be the single largest shareholder in Aloula Geojit Brokerage, which has got the Saudi Capital Market Authority (CMA) licence to start domestic brokerage business, the release said.
The proposal to form a JV in Dubai to deal in UAE listed shares in the Dubai financial market, IPOs and distribution of home grown funds in UAE and to make an initial investment of UAE Dirham (AED) 14.70 million (approx. Rs 161 million) for taking up 49% of the proposed paid up share capital of AED 30 million, also got the board's approval today, the release added.
Showing posts with label Geojit Financial Services. Show all posts
Showing posts with label Geojit Financial Services. Show all posts
Thursday, July 12, 2007
Wednesday, May 9, 2007
Paribas takes 49.9% stake in Sundaram Home
French banking group BNP Paribas SA will acquire 49.9% stake in Sundaram Home Finance (SHFL) for Rs 196.98 crore - a move which will give the foreign firm an increasing presence in the booming housing loans market in India.
The French firm would pay around Rs 146.98 crore to SHFL, while Rs 50 crore would be invested directly in the company, resulting in a 49.90% stake for UCB in the enhanced paid-up equity capital of SHFL, Sundaram Finance said in a release issued to the Bombay Stock Exchange today.
On completion of the transactions, Sundaram Finance would own the remaining 50.10% of the enhanced paid-up equity capital.BNP Paribas already owns 49.9% stake in Sundaram Finance's asset management company.
The French banking major became the largest shareholder of south-based Geojit Financial Services in March. BNP Paribas also has a stake in SBI Life, which is jointly promoted by State Bank of India and Cardiff SA, the insurance arm of BNP Paribas.
The French firm would pay around Rs 146.98 crore to SHFL, while Rs 50 crore would be invested directly in the company, resulting in a 49.90% stake for UCB in the enhanced paid-up equity capital of SHFL, Sundaram Finance said in a release issued to the Bombay Stock Exchange today.
On completion of the transactions, Sundaram Finance would own the remaining 50.10% of the enhanced paid-up equity capital.BNP Paribas already owns 49.9% stake in Sundaram Finance's asset management company.
The French banking major became the largest shareholder of south-based Geojit Financial Services in March. BNP Paribas also has a stake in SBI Life, which is jointly promoted by State Bank of India and Cardiff SA, the insurance arm of BNP Paribas.
Wednesday, May 2, 2007
Citi, TPG place bids for 40% stake in Sharekhan
Private equity fund Texas Pacific Group (TPG) and global financial services major Citigroup have put in their bids to acquire nearly 40 per cent stake held by the promoters in Sharekhan. The bids peg the valuation of the retail brokerage firm at Rs 600-650 crore.The bidders were also open, the sources said, to acquiring the non-promoter holding. The employees, who hold over 15 per cent stake, may sell their stake as well.
Citigroup has been looking to enter the retail brokerage business in India. Other MNCs such as ABN-Amro and BNP Paribas have already forayed into retail broking. While ABN-Amro set up its own business, BNP Paribas picked up 33 per cent stake in the Kochi-based Geojit Financial Services.
Sharekhan is one of the top five retail brokerages with 120 branches and 3,300 employees. The brokerage firm, which plans to increase its branches to 500 in two years, may get into distribution of insurance and mutual fund products.
Citigroup has been looking to enter the retail brokerage business in India. Other MNCs such as ABN-Amro and BNP Paribas have already forayed into retail broking. While ABN-Amro set up its own business, BNP Paribas picked up 33 per cent stake in the Kochi-based Geojit Financial Services.
Sharekhan is one of the top five retail brokerages with 120 branches and 3,300 employees. The brokerage firm, which plans to increase its branches to 500 in two years, may get into distribution of insurance and mutual fund products.
Subscribe to:
Posts (Atom)
