IDFC picks up 33 pc equity in SSKI for Rs 100 crore

Mumbai, Sept 29 (UNI) Infrastructure Development Finance Corporation Ltd (IDFC) has acquired a 33.33 per cent equity interest in SSKI, a privately held leading domestic corporate finance and institutional securities company, for a consideration of Rs 100 crore.

Announcing this, an IDFC press release said the Morakhia family and employees through stock options will own the remaining 66.67 per cent equity in the company.

IDFC will have two seats on the Board of Directors of SSKI and Mr Tapasije Mishra has been appointed as the Group CEO. Mr. Naishadh Paleja and Mr. Pathik Gandotra will join him on the Board of Directors. An independent director of repute will be the Chairman of the Board of Directors of the Company.

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.

Mr Shripal Morakhia, promoter of SSKI said,''From being a family owned business, which commenced operation in early 1900's, 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.'' Mr Rajiv Lall, MD&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.'' UNI SN PM AW1746