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BNP Paribas acquires stake in Geojit.

Global Banking News-29 January 2009-BNP Paribas acquires stake in Geojit(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 29 January 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

France-based BNP Paribas (BNPP.PA) has announced that it has completed the acquisition of a stake in India-based brokerage, Geojit Financial Services.

On January 23, 13.9 million shares of the Indian company were allotted to BNP Paribas. The Bank had initially taken a 27.18 percent stake in Geojit Financial Services. After the initial allotment of 56.8 million shares, acquisition of shares in an open offer and conversion of warrants, BNP Paribas' stake in the Indian firm has increased to 34.33 percent.

Three members from BNP Paribas are shortly expected to join the board of Geojit Financial Services.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Jan 29, 2009
Words:157
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