VCCircle

This just in. IDFC has reportedly picked up the promoters' stake in Mumbai institutional broking firm SSKI, reports CNBC India, quoting sources. The financial details are not known. With the latest acquisition, IDFC's stake in SSKI would reach 66 per cent. In September last year, IDFC had picked up 33 per cent stake in SSKI for Rs 100 crore ($22.5 million).

The channel also reports that IDFC and JM Financial may join hands for the broking business. JM Financial had exited the broking business by selling its stake to Morgan Stanley. Now the company is joining hands with IDFC in SSKI for a presence in broking.

So SSKI promoter Shripal Morakhia and his family would be exiting the company. The Morkhias are also likely to exit from Sharekhan, the retail broking business. (See our related story.)

Log in later for more details.

Related:

IDFC Picks Up 33.33% In SSKI For Rs 100 Crore