In Brief: Citi Unit Buys Stake in Indian Brokerage

Published March 26, 2007, 1:00 a.m. EDT

Updated March 23, 2007, 5:50 p.m. EDT

1 Min Read

Citigroup Venture Capital International, the private equity arm of Citigroup Inc., has bought a 19.9% stake in a brokerage firm in India.

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Anand Rathi Securities, which is based in Mumbai, announced the stake purchase Friday but did not say how much Citi paid.

Citi joined Morgan Stanley and Merrill Lynch & Co. Inc. as companies that are continuing to invest in India's brokerage sector.

Anand Rathi Securities runs a retail operation, sells initial public offerings, and manages the money of rich individuals. Anand Rathi, the firm's chairman and the former president of the Bombay Stock Exchange, founded the firm in 1994.

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