KOCHI: Baring Private Equity Partners India has agreed to sell its entire stake in public-listed brokerage firm Inditrade Capital Ltd to a group of investors.
Inditrade Capital, formerly JRG Securities Ltd, was founded by Kerala-natives Jiji Antony, Reji Jacob and Giby Mathew.
As per the agreement, Reliance Money former head Sudip Bandyopadhyay, Juno Moneta Technologies and AT Invofin India will acquire Baring’s entire stake of 48.73 per cent in Inditrade for Rs 48.36 crore. Baring Private Equity acquired majority stake in Kochi-based JRG in 2007, a year after the latter went public. Baring Private Equity bought JRG shares when its share price was Rs 49, and now sold it at Rs 42.5 per share. The share price of Inditrade Capital was Rs 20 in March this year.
After the deal was announced, Inditrade’s share price increased by 20 per cent to Rs 33.70 on Wednesday. Inditrade founders Jiji Antony and Reji Jacob together own 9 per cent stake in the brokerage firm.
Reji Jacob told ‘Express’ that the decision by Baring Private Equity to exit Inditrade was a positive development. “The new investors have thorough knowledge about the market, which will benefit the company. Me and Jiji will hold nine per cent of the equity. The firm is currently functioning at optimum staff capacity,” he added.