Business Daily from THE HINDU group of publications
Saturday, Mar 24, 2007
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Business Daily from THE HINDU group of publications Saturday, Mar 24, 2007 ePaper |
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Financial Services Markets - Venture Capital Our Bureau
Mumbai March 23 Citigroup Venture Capital International, the private equity arm of Citigroup Inc, has bought 19.9 per cent in Anand Rathi Securities Ltd for an undisclosed sum. "It is a purely financial deal. We will use the money to grow all parts of our business, namely our wealth management, institutional brokerage and retail brokerage arms," said Mr Amit Rathi, Managing Director, Anand Rathi Securities. "The funding will be used to further expand the company's network of branches and create greater value for our customers through advanced technology," said Mr Anand Rathi, Chairman.
Expansion plans
Anand Rathi was set up in 1994 and has a presence in more than 350 locations across the country, and offices in Dubai and Bangkok. "We plan on adding another 300 offices in the near future," said Mr Amit Rathi. This deal comes at a time of growing interest in the Indian brokerage industry by foreign investors. Earlier this year, the France-based BNP Paribas SA bought a 33.35 per cent equity stake in the Kerala-based retail broking firm Geojit Financial Services for Rs 207 crore. Last year, the US-based online brokerage giant E*Trade Financial Corporation had raised its stake in domestic financial services firm IL&FS Investsmart Ltd, to around 40 per cent.
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