Citigroup Inc.'s private equity arm Citigroup Venture International is one of the parties keen to buy a stake in private Indian retail brokerage firm Sharekhan Ltd., the Business Standard reported, quoting a source close to the development.
Others interested in the stake include Baring Private Equity, Texas Pacific Group and 3i, the report said.
“We require INR2 billion-INR3 billion for our expansion and the present private equity players are planning to exit,” the source said.
“We would be issuing fresh shares and are interested in roping in only one PE (private equity) firm and not any strategic alliance,” the source added.
Existing foreign shareholders in the company, such as General Atlantic, Intel Capital and a group of funds advised by HSBC Private Equity India, together own about 48% in the company. They are planning to partially or fully sell their stake, the report said.
Source : MarketWatch