ICICI, Baring Asia pick 20 per cent in Karvy
The combined deal has been estimated to have been struck in the range of Rs 320-350 crore, reports Indulal PM.india Updated: Nov 15, 2007 21:19 IST
ICICI Ventures and Baring Asia have picked up 20 per cent stake in Hyderabad-based Karvy Stock Broking. The combined deal has been estimated to have been struck in the range of Rs 320-350 crore, valuing Karvy at Rs 1,500-1,600 crore, sources said.
ICICI Ventures and Baring were buying the stake from Hong Kong-based Pacific Century Group (PCG), which had picked up 20 per cent in Karvy two years ago, sources said. PCG had bought 20 per cent stake in Karvy at Rs 83.4 crore, valuing the company at Rs 415 crore.
Karvy is one of the leading depository participants in the country. Depository participant is a market intermediary between a depository and an investor. The company provides a basket of financial services including stock broking, distribution, with a nationwide presence of 360 branches.
When contacted spokespersons for ICICI Ventures and Barings refused to comment on the deal.
A Karvy press release issued late in the evening confirmed that a fund of ICICI Ventures and Baring Private Equity Asia will invest a substantial amount in Karvy Stock Broking Ltd.