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This deal was earlier reported in May. Now there is an official announcement. IDFC has acquired a 33.33 per cent stake in Mumbai-based investment banking and corporate advisory firm SSKI for Rs 100 crore. The Morakhia family and employees will own the remaining 66.67 per cent stake of the privately-held company. IDFC will have two seats on the Board of Directors of the company while Tapasije Mishra has been appointed as the group CEO. The two Directors are Naishadh Paleja and Pathik Gandotra. An independent director will be the Chairman.

SSKI has been till now a family-owned business. The invetsment from IDFC will make the Mumbai investment banking firm is likely to open up more opportunities for the firm. Shripal Morakhia, SSKI promoter, said, "From being a family-owned business, which commenced operations in the early 1900s, SSKI has now emerged as a joint venture between its employees, the promoters and IDFC." [Via The Economic Times]

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IDFC Picks Up 33.3% In SSKI; To Venture Into Investment Banking