Baring Asia buys stake in Karvy Stock Broking

HONG KONG, Nov 16 (Reuters) An affiliate of Baring Private Equity Asia and ICICI Venture have agreed to acquire a stake in India financial services firm Karvy Stock Broking Ltd for million, Baring Private Equity Asia said on Friday.

The deal will include the purchase of a stake from existing investor Pacific Century Group and an infusion of fresh capital, which will be used by Karvy Stock Broking for further expansion and other working capital, it said in a statement.

''Baring Asia and ICICI Venture will have a significant stake in the company after this transaction,'' the statement added.

REUTERS SR RK1144