Indian brokerage SMC said on Monday Sanlam Ltd, a South African financial services group, will invest $50 million and form joint ventures to offer wealth and asset management services.
The investment will be in two firms of the Indian group – SMC Global Securities Ltd and SAM Global Securities Ltd., the Indian firm said.
The money will be used to pick up 5 percent stake each in the companies and subscription to warrants, SMC added.(Reuters)