After exiting its stake holding in the institutional broking arm JM Financial Ask Securities, Ask group plans to launch a private equity with an initial corpus of $100 million, besides a real estate fund by June, a top official said.
Ask Group had recently sold its 40 per cent stake in the broking JV to the majority shareholder, JM Financial, for a consideration of Rs 81 crore.
Ask Group's Chairman Asit Koticha told PTI that the firm is set to launch a private equity fund in 2-3 months with an initial corpus of USD 100 million and is in talks with more potential investors to invest in the fund.
“We are in talks with potential investors and is waiting for the final regulatory approvals for the new ventures. We expect to launch the fund in the next 2-3 months and will invest across the board,” Koticha said.
It is on the lookout for suitable partners mainly in the arena of product distribution, Koticha said, however, adding that the group has not identified any players so far.
Besides, the group also plans to set up a real estate fund by June which would invest in different projects in the realty sector, Koticha said.
Ask group has also applied for Asset Management Company (AMC) licence from market regulator Sebi, which is expected to come in a period of three months, Koticha said.
“We hope to start our AMC business in a period of three months, as and when we get the regulatory clearance”, Koticha said, adding that he does not have any immediate plans to foray into the Non-Banking Financial Company business.
Started in 1983, Ask group has presence in ten cities and has around 180 employees.
Source: Economic Times