Baring, ICICI Venture plan Karvy exit – report
Baring Private Equity Asia and ICICI Venture Funds Management, the private equity arm of India’s ICICI Bank, are reportedly in talks to sell their 31% stake in Karvy Stock Broking (KSBL).
According to Live Mint, investment banks have started talks on a potential sale.
Baring and ICICI - the latter via its India Advantage Fund V & VI - jointly picked up a 30.95% stake in KSBL in November 2007. The transaction came in two tranches: buying 20% of equity from Hong Kong-based Pacific Century Group, and then acquiring another 10.95% stake in fresh equity.
The PE firms' entire stake is said to be worth INR5 billion ($89.6 million).
Hyderabad-based KSBL provides equity broking, depository operations, financial products distribution, advisory and wealth management services for private clients. It claims to serve at least 600,000 active investor accounts.
The company's net profit reached INR383 million for the 2012 fiscal year, up from INR356 million in 2011.
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