Brokerage firm Inditrade, which was formerly known as JRG Securities, has decided to increase its existing stake in Dubai-based JRG International Brokerage (JRG DMCC), it told exchanges.
JRG is registered with the Dubai Multi Commodities Centre.
Inditrade intends to increase stake in the firm over the next 24 months to up to 51%, the firm said.
The stake was sold to former Reliance Money executive Sudip Bandyopadhyay and two companies – Juno Moneta Technologies and AT Invofin India, VCCircle reported last year.
Inditrade reported a turnover of around Rs 15.27 crore for FY2015-16. It has a market cap of around Rs 100 crore.
The Kochi-based firm has branches in New Delhi, Tamil Nadu, Kerala and Andhra Pradesh.
The brokerage sector attracted a lot of PE money in 2007, but has since then seen only selective transactions. A few investors have made money in this segment.
Last year, BNP Paribas acquired brokerage firm Sharekhan for around Rs 2,200 crore, which gave exit to investors such as The Rohytyn Group and Samara Capital.
In December 2015, Fairfax Holdings increased stake in IIFL, which also provides brokerage services.
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