The Hindu Business Line : Collins Stewart stake in Inga

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Mumbai, Feb. 19 Global financial services provider, Collins Stewart, has picked up a 50 per cent stake in Inga Advisors Private Ltd, a Mumbai-based Category-I Merchant Banker.

Inga Advisors has been promoted by Mr G.S. Ganesh, a chartered accountant, Mr Ravi Sheth and Mr Vijay Choraria. Inga Advisors offers advisory services on fund raising, corporate advisory and mergers and acquisitions. Inga has raised over $50 million for its clients in the past fiscal year through initial public offers and private placements.

Collins Stewart is the largest independent stockbroker in the United Kingdom. Its activities span fund raising on AIM, institutional and private client stock broking, portfolio management and the supply of on-line financial information through the quantitative research system, QuestTM. For the year 2006, Collins helped raise £1.9 billion for their clients.

Collins Stewart recorded revenue of £104 million for the six months ended June 30, 2006 and pre-tax profit of £34 million. As at June 30, 2006, Collins Stewart had net assets of £118 million.

The joint venture will aid Inga gain access to Europe's huge mid-cap market in which Collins Stewart has a strong presence. Pursuant to this investment, Inga will be rechristened Collins Stewart Inga Private Ltd.

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