IDFC buys 33% in SSKI for Rs 100 cr
Infrastructure Development Finance Company (IDFC) has acquired 33 per cent stake in SSKI Ltd, a leading corporate finance and institutional securities company, for Rs 100 crore.
Rajiv Lall, managing director & CEO of IDFC said, "Our investment in SSKI enables us to expand our product suite in providing a one-stop solution to our infrastructure clients. We believe SSKI’s relationships in institutional broking, research strength and footprint in corporate finance and equity capital markets will add to IDFC’s ability to deliver the best corporate finance and capital markets solutions to clients."
The Morakhia family and employees through stock options own the remaining 66.67 equity in SSKI.
IDFC will have two seats on the board of SSKI.
Tapasije Mishra has been appointed as group CEO and Naishadh Paleja and Pathik Gandotra will join him on the board.
IDFC said an independent director of repute will be the chairman of SSKI. Through this investment, IDFC and SSKI propose to work together by pooling their relationships and expertise to provide investment banking and capital market solutions to clients.
Shripal Morakhia, promoter of SSKI, said, "From being a family owned business, which commenced operation in early 1900, SSKI has now emerged as a joint venture between its employees, the promoters and IDFC, thereby being the first domestic brokerage house to combine the strength of reputed institutional backing with the entrepreneurial spirit of owners and shareholding managers."
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