Baring India buys 44.8% in JRG Securities

Baring Private Equity today announced it has acquired a 44.8% stake in broking house JRG Securities for a consideration of  $35 million (Rs 140 crore). The proceeds will be used to set up a non-banking finance company, JRG said in a statement.

Baring Private Equity has an exposure of $600-700 million (around Rs 2,400-2,800 crore) in India in sectors such as IT/ITeS, life sciences, financial services, FMCG, energy and oil and gas. It recently announced an investment of Rs 100 crore in Mumbai-based IT company Infrasoft.

The equity firm picked up the stake in JRG Securities through a preferential issue of shares and warrants.