Tuesday, April 1, 2008

JM buys rest of ASK in the broking JV

JM Financial took over the other 40% of JM Financial ASK Securities to become 100% owner of the same. The deal was struck at 81 Cr.

For JM the priority is "providing all financial products under one roof" while for ASK it means "focus more on the portfolio mangement and wealth advisory business in future".
ASK is awaiting for clearance from SEBI for its proposed asset management business.
Read ET

The Financial Crowd : Barclays & PFC

It is our belief that financial sector in India will become broader and deeper. We will report this in a section called The Financial Crowd. And we will cheer, when one is added in The Financial Crowd.

Reuters reports through ET that Barclays will set up 100 strong private bank to serve rich enterpreneurs. "We have a successful investment bank in India and we have a very good offshore business with Indian clients and we are building an onshore private bank in India. The economy is growing at an incredible pace,” said Tom Kalaris, the chief executive of Barclays Wealth Management.

PFC on Monday floated a wholly-owned consultancy arm, PFC Consulting Ltd. to provide services in the power sector. PFC Consulting will provide services related to UMPP, including formation of special purpose vehicle. It would also conduct bidding process for awarding projects of state utilities.

Prozone sells 27% to Triangle Real Estate


Prozone Enterprises has sold a 27% stake in its realestate subsidiary to Triangle Real Estate India Fund for a total consideration of Rs 457 Cr.The subsidiary holds stake in four projects that being developed in Aurangabad, Indore, Nagpur and Jaipur covering approximately 16 million sq.ft.

Triangle Real Estate India Fund is co-promoted by ICS group and Old Mutual Investment Group Property Investments, the property division of Old Mutual.

Prozone Enterprises, is a joint venture between apparel maker Provogue (India) and UK-based Liberty International.

ICICI prepares for a pre-ipo placement

ICICI is looking for to pre-IPO placement of equity and Global FIs such as Goldman Sachs, Morgan Stanley, JP Morgan, Credit Suisse and Nomura among others are in line.

Apprantely 12-15 interests have been received and the deal will be sealed shortly.JP Morgan is the advisor for the pre-IPO placement while merchant bankers for the IPO have not yet been finalised. Sources believe I-Sec is valued at $7.5 Bn or 30,000 Cr, highest valuation for an I-Bank in India.

In February 2007, JM Financial had sold its 49 per cent stake in JM Morgan Stanley Securities for $445 million. The deal valued the entity at $908 million against DSP Merrill Lynch’s valuation of $1 billion, when Merrill bought out Hemendra Kothari’s 47 per cent stake in December 2005.


As reported by Business Standard