Global Access buys 33% in Bigshare for Rs 55 cr

Industry:    April, 2016

Global Access buys 33% in Bigshare for Rs 55 cr

US private equity firm Global Access Holdings has acquired 33% stake in Bigshare Services, a Mumbai-based registrars & transfer (R&T) firm for approximately Rs 55 crore. Global Access made the acquisition through its share R&T-arm Transfer Online.

As part of the deal, Transfer Online’s president and CEO Lori Livingston will be joining the board of Bigshare Services.

Bigshare is one of the leading R&T agents in the country with a client list of more than 300 companies, which includes Dr Reddy’s Laboratories, Wartsila India, Jain Irrigation Systems, Kopran, Venkateswara Hatcheries and DCW.

Currently, there are no global alliances in India in the R&T sector other than the technology tie-up that Hyderabad-based Karvy has with Computershare of Australia. Leading foreign banks like Citibank, HSBC and Deutsche Bank are believed to evaluating options to enter the domestic R&T sector.

“The financial services and capital market business are booming in India,” Vincent R Molinari, CEO, Global Access Holding, told ET.

“Our investments in Bigshare will help us to tap the growing Indian financial market immediately. The country is witnessing more and more public offering every year. We feel this is the right time to enter the Indian market,” he said.

Mr Molinari, however, was reluctant to divulge the financial details of the deal. However, industry sources said that Global Access has invested around Rs 50-55 crore to buy 33% in Bigshare.

Transfer Online, with over 200 clients, is one of the leading stock transfer agent and financial services provider in the US. The firm also has operations in Canada and Europe.