BNP Paribas to join Geojit board, stake goes up to 34.33%

Global banking major BNP Paribas has hiked its stake in Geojit Financial Services to 34.33 per cent following an open offer and conversion of warrants into equity.

The bank will appoint three members on the board of Geojit, a statement said today.

BNP Paribas had initially taken 27.18 per cent stake in Geojit, a leading retail financial services provider, in March 2007 and was also offered warrants.

It said the warrants have been converted into 1.39 crore shares. Besides, the bank had also made an open offer which closed on January 10 and the bank has come to acquire 59.73 lakh shares. The bank now has in-all 34.33 per cent stake in the company.

 

"Three members from BNP Paribas will shortly join the board of Geojit," the statement said.

Geojit shares were trading at around Rs 23 on the stock exchanges today.

Geojit, which has operations in India as well as the Middle East has over 4.5 lakh clients, over 500 branches and Rs 5,400 crore assets under management as of December.

BNP Paribas is the single largest shareholder in Geojit.