The Rohatyn Group (“TRG”), a leading emerging markets asset management firm, today announced that the firm, along with other existing shareholders, has entered into a definitive agreement with BNP Paribas SA (“BNPP”), a leading international banking and financial services provider, for a complete exit in Sharekhan Limited (“Sharekhan” or “The Company”). TRG-advised funds led the consortium of shareholders that invested in Sharekhan in 2007.
Sharekhan, based in Mumbai, India, is one of the country’s leading online retail broking house and a diversified consumer franchise. Launched in 2000 as an online trading portal, Sharekhan today has a pan-India presence with over 2,100 outlets serving more than one million private clients across 575 cities through its customizable internet platform and network of share shops. The Company provides services, including trade execution in equities, futures & options, commodities and currencies, portfolio management, investment advisory and distribution of mutual funds and other financial products. Sharekhan’s innovative and scalable trading platform seamlessly interfaces with all of the major banks for real-time cash transfers. It was also the first trading platform to offer a streaming interface for traders.
Tarun Shah, CEO of Sharekhan stated: “Despite weak market conditions in the years following the financial crisis, the investors led by TRG provided full support to our team. TRG’s strategy of calibrated growth helped us grow market share, increase customer acquisitions and expand physical footprint without compromising on profitability. We would like to thank TRG for its active role in the business as well as in finding a long term partner for Sharekhan’s next phase of growth.”
Siva Shankar, Managing Director of TRG, stated: “We were fortunate to have had the opportunity to work with Sharekhan’s world-class management team led by Tarun Shah to strengthen the Company over the course of our partnership. We are proud that Sharekhan has become one of India’s most recognized online brands. We believe that Sharekhan has a bright future ahead.”
Rajeev Kalra, Managing Director and Head of India at TRG, said: “TRG has made several successful investments in the financial services space in India across banks, non bank finance companies and brokerage companies. We are very pleased with our investment in Sharekhan, which validates TRG’s investment strategy of backing proven management teams, leading businesses in their segment and creating value for all shareholders through an active partnership approach.”
The transaction is subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.
Founded in 2002, The Rohatyn Group is a leading emerging markets asset management firm. Headquartered in New York, with offices around the globe including, Singapore, Hong Kong, London, Buenos Aires, Lima, Montevideo, Mexico City, São Paulo, Mumbai and New Delhi. For more information, please visit www.rohatyngroup.com.
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