Baing India to invest USD 35 mn in JRG Securities

Mumbai, July 27 (UNI) Baring India today gave its consent to invest upto USD 35 million in JRG Securities through a preferential issue and warrants for a minimum stake of 44.8 per cent in the company.

Announcing the venture at a press conference here today, Baring India managing partner Rahul Bhasin said, ''Baring has significant expertise in identifying superior teams in fast growth verticals and assist them to scale up rapidly. We are looking forward to leverage our expertise and network to increase JRG's growth prospects multifold.'' JRG Securities chairman T M Venkataraman said, ''The investment will help us consolidate our position in the retail investment segment while surging ahead in other areas of stock and commodity broking and other financial services.The investment would also help us expand our network. We also plan to strengthen our operation across India and the Middle East.'' The current paid-up share capital of the company is Rs 127,923,220. The Share capital of the company after the proposed preferential allotement would be Rs 231,744,960.

UNI