SKP looking for partners to dilute promoters' stake

Kolkata, Jul 30 (UNI) Leading brokerage and mutual funds distributor SKP Securities Ltd is looking for potential strategic alliance partners for inorganic growth opportunities and dilution of promoters' holding.

SKP Securities Ltd, listed on BSE, has promoters holding of 83.4 per cent of its Rs 5.05 crore equity capital.

" We will be looking for domestic partners. We will look for a partner with geographical spread, range of products and services and skill sets, " SKP Securities Ltd Managing Director Naresh Pachisia said here today.

The company today reported 95 per cent growth in Q1 net profit to Rs 1.16 crore from Rs 0.59 crore in the corresponding quarter.

The Q1 net income grew by 121 per cent to Rs 3.70 crore from Rs 1.77 crore in the same quarter last year.

Almost 45 per cent of the company's income came from broking, 37 per cent from mutual fund distribution and 15 per cent from fee based income, Pachisia said.

SKP Securities is setting up its internet trading platform under "Moneywise" brand. It would give retail thrust in the east with over 65 broking outlets and hundreds of direct business associates.

The company, which launched commodity broking services, had also planned to foray into insurance broking services, he added.

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