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New Vernon, 3i in race to invest $100 Mn in AnandRathi
By siliconindia
Bangalore: Mumbai based AnandRathi Securities, a leading investment bank, may receive an investments close to $100 million from U.S. based New Vernon Private Equity and UK based 3i Group. The discussion is in the advanced stages, reported Business Standard.
Hardly a year before, AnandRathi had raised around $25 million from Citigroup Venture Capital (CVC) by divesting close to 20 percent. Sources close to the deal say that AnandRathi is expected to divest around 15 percent for the $100 million, a valuation growth of five times, within a year.
A $1.4 billion private, India-specific fund, New Vernon was founded by ex-Merrill Lynch head Arshad Zakaria, while 3i Group manages billion of dollars through its various PE funds.
AnandRathi offers services including wealth management, investment banking, corporate advisory, brokerage and distribution of equities, commodities, mutual funds and insurance. Besides having a pan-India presence with 300 offices, it has international presence through offices in Dubai and Bangkok.
For New Vernon, it will be its third investment in a broking and investment-banking firm after its recent exposure in Prime Securities, if the deal is struck.