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Crest Ventures to buy out partner in Tullett Prebon India

By Keshav Sunkara

  • 17 May 2018
Crest Ventures to buy out partner in Tullett Prebon India
Credit: Shah Junaid/VCCircle

Non-banking financial company Crest Ventures Ltd has agreed to buy the 48% stake it doesn’t already own in Tullett Prebon (India) Ltd from Prebon Holdings BV for Rs 4.52 crore ($670,000) in cash.

Crest Ventures’ stake in Tullett Prebon (India) after the acquisition will increase to 99.99% from 51.99%, it said in a stock-exchange disclosure.

The acquisition is subject to regulatory approvals and is likely to be completed in next two months.

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Crest Ventures operates mainly under three verticals – real estate, financial services, and investments and credit.

Tullett Prebon (India) was formerly known as Prebon Yamane (India). It is an affiliate of London-based global interdealer broker Tullett Prebon.

Tullett Prebon (India) is an intermediary in the wholesale debt market, foreign exchange market and rupee options. It began operations in 1999.

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The company’s turnover stood at Rs 18.32 crore in the year through March 2018.

Crest Ventures’ consolidated income from operations stood at Rs 94.46 crore in 2017-18 as against Rs 46.37 crore in the previous year.

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