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Mumbai, July 27 Baring India will invest up to $35 million in JRG Securities Ltd. through a preferential issue and warrants for a minimum 44.8 per cent stake in the company, subject to the approvals from Securities and Exchange Board of India and shareholders among others.

Baring India will announce an open offer to the shareholders soon.

Post the allotment, Baring Partners will become the single largest share holder in the company.

The current paid-up share capital of the company is Rs 12.79 crore and after the proposed preferential allotment, it would go up to Rs 23.17 crore. The company also proposes to form an NBFC from the proceeds of the preferential allotment.

“The investment will help us consolidate our position in the retail investment segment while surging ahead in stock and commodity broking, portfolio management, equity research and other financial services. The investment would also help us expand our network and strengthen our operations across India and the Middle East,” said Mr T.M. Venkataraman, Chairman, JRG securities.

The broking firm plans to set up another 59 branches in the current year.

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Baring India to invest $35 m in JRG Securities

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