The Hindu Business Line : Jhunjhunwala picks 13 pc stake in Geojit Securities at Rs 70 a share

THE Mumbai-based proprietary trader Mr Rakesh Jhunjhunwala on Thursday acquired a 13-per cent stake in the Kochi-based Geojit Financial Services company.

Mr C.J. George, Managing Director, Geojit Financial Services, confirmed that Mr Jhunjhunwala had come on board as a financial investor.

The company today issued 9,00,000 equity shares to Mr Jhunjhunwala and 1,00,000 shares to Ms Rekha Jhunjhunwala at Rs 70 per share.

Mr Jhunjhunwala's investment in the company amounts to Rs 7 crore.

When contacted Mr Jhunjhunwala said his investment in the company signified his interest in the broking business as a whole.

Mr George said the company was looking for expansion.

"We are looking at broad basing our presence in north India and also invest in technology in a big way."

Geojit has a customer base of two lakh. It is the only licensed broking business entity in the West Asia from India.

Geojit's board also allotted 1,00,000 shares to Mr Pankaj Talwar at Rs 70 per share.

It has also decided to issue 1,00,000 shares to Sheikh Sultan Bin Saud Al Qasimi, Director of the company, and Chairman of Barjeel Securities, a joint venture between the Indian and the West Asia firm.

The stock ended the day at Rs 92.5, down 1.33 per cent, with 67,103 shares traded on the BSE.

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