Private equity investors Lehman Brothers , Warburg Pincus and Carlyle Group are in talks with Mumbai brokerage Angel Broking to buy a 20 percent stake, the Economic Times said on Tuesday. Angel aims to raise about 2 billion rupees ($50 million) from the stake sale, which would value the stocks brokerage at about 10 billion rupees, the newspaper said, quoting unnamed sources.
Other investors are also in the fray, the paper said, and it quoted Angel Chairman and Managing Director Dinesh Thakkar as saying it had short-listed a dozen suitors and would shortly invite bids from them.
Investment bank Rothschild has been given the mandate for the sale, the newspaper said. Officials at Angel Broking were not immediately available for comment.
Source : Reuters