BNP Paribas is buying out Geojit Financial Management Services of it's Indian Broking JV - BNP Paribas Securities India Private Ltd for R40.5Cr.
The JV was formed after BNP Paribas bought a 33% stake in the retail broking business of Geojit Financial Services, which is now Geojit BNP Financial Services. BNP as so far invested R27.5Cr in the firm. This transaction will not change BNP's holding in Geojit BNP Paribas Financial Services.
In a seperate development, BNP Paribas is also planning to exit it's mutual fund JV with Sundaram Finance Limited by selling it's 49.90% stake in COMPSSundaram BNP Paribas Asset Management Company to it's Indian partner. BNP Paribas has decided to exit this JV as SEBI prohibits a single entity from holding stakes in more than one domestic asset management companies.
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