Citigroup picks up 85% stake in Sharekhan
The Economic Times reports that Citigroup Venture Capital (CVC), the private equity arm of Citigroup has bought an 85% stake in retail broking firm Sharekhan for approximately Rs.650 crore. Sharekhan, one of the top retail brokerages in India, has presence across across 150 cities with over 100 branches and 310 franchises.
As part of the deal, Morakhia, who holds 37% in Sharekhan, will offload his entire stake. Other shareholders such as General Atlantic, Intel Capital and some funds advised by HSBC Private Equity India, which together hold 48%, are selling their entire stake to CVC. Employee shareholding stands at around 15%.
I’ve been using Sharekhan for online trading over the past 5 years, and I’ve yet to encounter any problems while doing so.
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