US co invests Rs 164 cr in SMC Group
Mumbai: The US-based special purpose acquisition company (SPAC) Millennium India Acquisition (MIAC) has invested Rs164 crore for 14.9 per cent equity stake in broking firm SMC Group.

A SPAC usually floated by a band of high profile promoters raises funds by listing itself on the bourses of a developed country and deploys them in various jurisdictions.

SMC is said to be the first Indian company to attract investment from such a firm.

SMC provides a platform for trading in equity and commodity-based products and has exchange memberships with the BSE, the NSE, the MCX, NCDEX and DGCX (Dubai Gold and Commodity Exchange).

Listed on American Exchange (AMEX), MIAC recently raised $58 million and intends to invest in privately owned businesses with focus on financial services, healthcare, infrastructure, consumer retail and hospitality.
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Brokers committee to value CSE
Kolkata: The broker members of Calcutta Stock Exchange (CSE), would determine the valuation of one country's oldest bourses for divestment and will appoint a negotiating team to help CSE in pushing the demutualisation process without any opposition and court cases.

CSE brokers were against the CSE administrator's decisions since he did not include them in the decision making process earlier.

Meanwhile, at the EGM on May 23, the CSE would also seek brokers' shareholder approval to split the shares into Re1 each of existing shares of Rs250 each for better liquidity.
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Citigroup PE arm buys 85 pc stake in Sharekhan
Mumbai: Citigroup Venture Capital (CVC) the private equity arm of Citigroup is believed to have bought 85 pc stake in brokerage firm Sharekhan for Rs650 crore from promoters and a few other investors.

Sharekhan officials said the deal was still being worked out and the post-money valuation of the deal would be at around Rs800 crore. Post-money valuation refers to value of an entity after it gets outside funds or its latest capital injection. Mape Advisory is Sharekhan's advisor in the deal.

Sharekhan, one of the top retail brokerages in India, has presence across across 150 cities with over 100 branches and 310 franchises.
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