SMC sells 5% stake to South Africa's Sanlam for 1.55 bln rupees
Monday, Sep 15
NEW DELHI - Domestic securities brokerage house SMC group has sold
5%
equity stake to South Africa-based Sanlam Investments Ltd. for 1.55
bln rupees.
The two companies have forged an equal a joint venture for setting
up two
new businesses in India--a wealth management company and an asset
management
company.
"The deal was made possible through an acquisition into SMC group
of
companies, including warrants, which will create a 5% equity stake for
Sanlam
Investments in SMC and its two flagship companies--SMC Global
Securities and
SAM Global Securities," SMC said in its statement.
As part of the agreement, Sanlam would invest another 600 mln
rupees in
the two joint ventures with SMC Group.
"We are investing a total of 2.15 bln rupees, which includes 5%
equity
stake and the investments into the two joint ventures," an SMC
official said.
Sanlam Investments is awaiting clearance from the Securities
Exchange
Board of India, for the launch of its mutual fund business in India by
December, the company official said.
This is the second joint venture by Sanlam Investments in India.
It also
has a life insurance joint venture with Chennai-based Shriram Group.
End
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