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Thursday, Feb 28, 2002

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Sharekhan plans IPO to give VCs exit route

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SHAREKHAN, a stock-broking outlet belonging to the Mumbai-based financial services group, SSKI, will provide an exit route to three of the foreign venture capital funds which currently own around 49 per cent of its equity holding.

HSBC, Intel and Carlyl are the three VCs that have invested about Rs 52 crore in the equity of Sharekhan, acquiring its shares earlier at a price of around Rs 145 per share.

The Sharekhan Chief Executive Officer, Mr Tarun Shah, disclosed this at a press conference here on the eve of the opening of the company's branch at Hyderabad.

With the Hyderabad branch, Sharekhan has presence in most of the tech-savvy regions of the country. It currently has 96 outlets in 52 cities, catering to the needs of thousands of retail investors.

According to Mr Tarun Shah, the company was waiting for market conditions to improve to provide an exit route to VCs through an initial public offer (IPO).

Sharekhan, which is registering an average volume of Rs 150 crore per day through retail trading, has tied up with HDFC Bank, Global Trust Bank and ICICI Bank for payment services.

Having alliances with both NSDL and CDSL, the company is offering depository services to little over 50,000 clients, according to Mr Tarun Shah.

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