Business Daily from THE HINDU group of publications
Saturday, Jul 14, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jul 14, 2007 ePaper |
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Corporate
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Alliances & Joint Ventures Markets - Financial Services
C J Punnathara Kochi, July 13 The Director Board of Geojit Financial Services Ltd has approved the setting up of a 50:50 joint venture company in India, with BNP Paribas Securities Asia. Talking to Business Line, Mr C.J. George, Managing Director, Geojit said: “The new company, which is still to be named, would be operating out of Mumbai and would become functional in two months time. While Geojit has already approved a sum of $2 million for the new company, BNP Paribas Securities Asia would be contributing another $2 million to the venture.” The new company will be focusing on FII business as well as fundamental research on the capital markets and corporate finance. BNP Paribas, which undertakes a large volume of FII business in the European, Asian and US markets would be routing their Indian FII business through this new company. Geojit would also be sending its representatives to BNP Paribas offices in London, Singapore and Hong Kong in the coming months, subject to regulatory approvals. A large number of NRIs in these markets are keen to transact in the Indian capital markets and Geojit representatives will facilitate this business, Mr George said. BNP Paribas Securities Asia would be executing its orders through Barjeel Geojit BNP Paribas in the Dubai market. The Geojit board has decided to form a joint venture company in Dubai to deal in UAE listed shares at Dubai Financial Market (DFM), IPOs and distribution of home grown funds in UAE. The company also planned to make an initial investment of AED 14.70 million (Rs 16.10 crore) for taking up 49 per cent of the proposed paid up share capital of AED 30 million. Barjeel Geojit Securities LLC has, meanwhile, opened its fourth branch in UAE, at Ras al Khaimah. Pursuant to the decision taken in March last year, Geojit has finalised an investment of SR 28 million (Rs 30.05 crore) in Aloula Geojit Brokerage Company in Saudi Arabia. Through this move Geojit expects to become the single largest shareholder of the company, which has received licence from the Capital Market Authority (CMA) of Saudi Arabia to start domestic brokerage business. BNP Paribas Securities Asia would be executing its orders through this company in Saudi Arabia. The French Banking major BNP Paribas, which had taken 27.2 per cent stake in Geojit Financial Services Ltd through preferential allotment route is all set to increase it to 34.35 per cent.
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