Halcyon Group picks up 20 percent in Anagram Securities for $8.25 Mn
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Ahmedabad: The U.S. based investment management firm Halcyon Group, headed by Munesh Khanna, is picking up 20 percent stake in the Ahmedabad based stock broking firm Anagram Securities for $8.25 million (about Rs 33 crore). This would value the firm owned by Arvind Mills promoter Sanjay Lalbhai at Rs 165 crore. A proposal of the investment to acquire stake in Anagram is with Foreign Investment Promotion Board. Anagram seems to be valued pretty conservatively, compared to other broking firms. When Geojit Securities struck the deal with BNP Paribas Securities, the company was valued at about Rs 600 crore. Delhi based SMC Global was valued in the range of Rs 1,100 crore in its deal with Millennium India Acquisition, and Anand Rathi was valued at Rs 500 crore by Citigroup Venture Capital International last year. Halcyon Investment Partners, founded by Munesh Khanna, is a Cayman Islands based firm. It pools together funds from nine other investment funds. Anagram is almost completely held by Sanjay Lalbhai and has four different subsidiaries, which are engaged in or looking to get into different business areas including financing, commodity brokerage, insurance agency services, and stock broking.

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